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Birmingham’s B16 area saw the fastest house price growth over the last year, with a rise of 17 per cent.
New data from Barclay’s Mortgages new Postcode Property Index revealed that the B16 area, which includes Ladywood, saw property prices rise to an average of £171,121 over the past 12 months. In contrast, London saw prices decline by 2 per cent.
The research found that generally regional cities overtook London when it came to the annual rate of house price growth. This is stimulated by job growth it the areas, as well as comparative affordability. Such factors have boosted demand for housing, in turn pushing up house prices. In London, the fasted growing market was found to be E5 in Clapton, which rose by just 5 per cent.
Following behind Birmingham was Edinburgh’s EH2 with growth of 14 per cent. EH2 rose on average by around £50,000 following Edinburgh being named as Scotland’s economic powerhouse by the Federation of Small Businesses.
In Belfast, the property market slumped slightly. However, during the last year, the BT5 postcode saw house prices significantly outperform other areas of the city. This was supported by affordable housing, good local schools and effective transport links.
Cardiff also saw positive growth, especially in the Adamsdown area, which saw strong growth, with the average price of a property in the postcode now over £170,000. This was fueled by significant redevelopment and increased student demand from those studying at the University of South Wales.
Director of Barclays Mortgages, Craig Calder, said: ‘It is fascinating to see the individual postcodes where property prices are growing at a very fast pace, particularly when they are significantly outstripping the city’s average growth. It demonstrates how changeable the property market currently is, not just around the UK but within each city. We also understand that it can be hard to really get a grip of what the property market is doing, making it challenging for both potential buyers and sellers.’