Halifax highlights property hotspots

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Friday 20th October 2006

The Halifax House Price Index (HPI) shows Northern Ireland to be the fastest growing area of the property market.

Houses in Newry have gone up in value by as much as 46 per cent in the past 12 months to an average price of over £180,000.

The English property market has performed robustly too, with all regions showing an increase in prices.

Martin Ellis, chief economist for Halifax, said: "The market is underpinned by sound fundamentals. A number of developments are nonetheless expected to constrain housing demand and moderate house price inflation over the coming months."

"Further substantial increases in utility bills and recent mortgage rate increases will put pressure on householders finances, curbing housing demand," he added.

The three per cent range in rises across all nine English regions is the smallest since the HPI began in 1983, showing the strength of the market nationwide.

Halifax was founded by a group of men at the Old Cock Inn, Halifax, in December 1852. The first mortgage it ever issued was on May 26th 1853 for the purchase of a property which now forms part of the banks head office.

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