County Armagh top performing UK county

The best performing county in terms of house price growth over the past ten years is County Armagh, according to the Halifax County House Price Survey.

The average house price in the Northern Irish county has increased by 331% over the period to £220,229 at the end of 2007. Five of the ten counties that have delivered the highest house price growth over the past ten years are in Northern Ireland. The best performing county in England over the last ten years was Cornwall (266%), followed by Isle of Wight (245%).

More than four in ten counties – 44 out of a total of 104 – have seen at least a trebling in average prices over the past decade. All counties have recorded at least a doubling in their average house price. North Lanarkshire is the only county that recorded an average price rise of less than 150% with a 149% increase.

Surrey is the most expensive county in the UK with an average house price of £364,115. Twelve counties have an average house price in excess of £250,000. All of these counties are in the south of England except for County Down in Northern Ireland. Ten years ago, no county had an average price above £250,000.

Blaenau Gwent is the least expensive county in the UK with an average house price of £113,964 in December 2007. Twenty counties (19%) now have an average house price below £150,000. Ten years ago all counties (100%) had an average price below £150,000.

House Price Growth 1997-2007

Five of the ten counties that have delivered the highest house price growth over the past ten years are in Northern Ireland. Three are in Wales, with one each in the South West and South East.

Prices across Northern Ireland have been driven up sharply over the last few years by a combination of a strong local economy, high levels of immigration and high demand for properties from second homebuyers and buy-to-let investors in the Republic of Ireland. Northern Ireland was the most expensive region in the UK outside London and the South East at the end of 2007. Two years ago, only Scotland had a lower average price than Northern Ireland.

The best performers after County Armagh over the past ten years are County Tyrone (315%), County Antrim (293%), Carmarthenshire (287%) and County Down (281%).

Eight of the ten counties recording the lowest average house price gains over the past ten years are in Scotland. One is in Wales and one in the West Midlands.

Most Expensive Counties

Surrey (£364,115) was the most expensive county in the UK in both 2007 and in 1997. The next most expensive counties in 2007 are Hertfordshire (£319,091) and Oxfordshire (£315,894).

The eight most expensive counties in 2007 were the same as in 1997. East Sussex and County Down have entered the list of ten most expensive counties in the past decade. Hampshire and Essex are no longer in the top ten.

Nine of the ten most expensive counties in 2007 are in the south of England. The exception is County Down in Northern Ireland. All ten counties have an average price in excess of £250,000.

The most expensive areas outside southern England are County Down (£253,734), East Renfrewshire (£229,950), Monmouthshire (£229,034) and Edinburgh (£228,051).

Least Expensive Counties

Blaenau Gwent is the least expensive county in the UK with an average house price in 2007 of £113,964 (£36,658 in 1997). Blaenau Gwent is the least expensive despite recording a well above average rise of 211% in its average house prices over the past ten years and was the least expensive county in 1997 with an average price of £36,658.

Five of the ten least expensive counties in the UK in 2007 are in Scotland. Four are in Wales and one in the Yorkshire & the Humber (South Humberside). In 1997, seven of the least expensive areas were in Wales, two in Scotland and one in Northern Ireland.

Six of the ten least expensive counties in 2007 were also in the ten least expensive counties in 1997. North Ayrshire, North Lanarkshire, West Dunbartonshire and South Humberside have entered the list of ten least expensive counties over the past decade. County Tyrone, Caerphilly, Carmarthenshire and Gwynedd no longer feature among the ten least expensive counties.

Commenting, Martin Ellis, chief economist, said: "The counties recording the best house price performance over the past ten years have mainly been outside southern England. Four of the five counties with the highest house price growth are in Northern Ireland reflecting the strength of the housing market there over the past few years.

All counties in the UK have seen at least a doubling in prices since 1997. Prices in more than four in ten counties trebled or more. There are now only 20 counties in the UK with an average house price below £150,000; ten years ago, every county was below the threshold."