City status can boost prices
WITH 26 towns applying for city status as part of this year’s Diamond Jubilee celebrations, Halifax has looked back at how house prices in cities have performed over the past 25 years.
They have risen by an average of 382 per cent from £35,209 in 1986 to £169,707 in 2011. This exceeds the average UK increase.
Truro (550 per cent), Westminster (522 per cent) and Edinburgh (509 per cent) are the three cities that have recorded the biggest price rises since 1986. York is tenth in the top ten with a 424 per cent increase.
Research also shows that 70 per cent of cities outperformed their region in terms of house price rises. Both Goole and Doncaster are hoping to be granted city status this year.