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Last Updated: Friday, 10 October, 2003, 15:10 GMT 16:10 UK
Widnes 'top property hotspot'
Grannox factory at Widnes
Widnes was long famed for its chemical works only
A town in Cheshire, famous for its chemicals plants, has become the UK's number one property hotspot.

Over the past year, prices in Widnes have risen by 68%, according to the Halifax bank.

All of the UK's top 10 property hotspots are now outside the south of England.

House price rises in the north of England and Scotland are narrowing the gap with the south.

Playing catch-up

House prices in Wales have also boomed over the last year - on average increasing by 31.9%.

The average price in Wales has broken the �100,000 barrier for the first time - and four towns in this region are among the top ten hotspots in the whole UK.

In Barry now, most of the properties now exceed �120,000 because more people are being forced to look outside Cardiff
Richard Garrod, estate agent

Barry in South Glamorgan, with an annual price rise of 59%, was the top hotspot in Wales, with Swansea following second with price rises of 53%.

In contrast, London - the longtime leader in the housing boom - has experienced below 10% annual growth for the first time since the first three months of 2001.

Despite a slight improvement in prices in the last quarter, annual house price inflation continues to slow in the capital, falling to 8.6% from 11.5% in the second quarter.

All-in-all it now means the gap between prices in the south and the rest of the country has narrowed over the past six months.

The difference between the average UK property price and London has fallen by �5,600.

But northern house prices still have a long way to go before they catch prices in the south - and any role reversal seems a long way off - if out of the question.

Martin Ellis, Halifax's chief economist, said: "The recent rapid rises in house prices in the north have led to a modest reduction in the north- south property divide over the last six months.

"More favourable housing affordability and encouraging labour market trends in the north should cause the gap to narrow further during the coming few quarters.

"The substantial differential in property prices between the south and other regions is, however, set to persist."

TOP UK HOTSPOTS
UK Average House Prices
Town County Q3 2002 Average price Q3 2003 Average price % change
Widnes Cheshire �92,576 �155.351 68%
Barry South Glamorgan �83,380 �132,677 59%
St Helens Merseyside �72,875 �112,843 55%
Swansea West Glamorgan �74,049 �113,028 53%
Billingham Cleveland �80,841 �120,095 49%
Bridgend Mid Glamorgan �80,402 �119,069 48%
Rochdale Greater Manchester �66,800 �97,957 47%
Shipley West Yorkshire �91,538 �133,196 46%
Cwmbran Gwent �77,132 �112,218 45%
Kilmarnock Strathclyde �56,509 �82,202 45%
Source: Halifax House Price Index




SEE ALSO:
Towns join house hotspots
10 Oct 03  |  South East Wales


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