Woking leads property price rises in UK towns

Published 23 January 2012

Woking in Surrey recorded the largest increase in residential property prices among major UK towns and cities over the past year, according to new research by Halifax.

Based on the lenders own house price data, the average selling price in Woking was 16% higher than in the previous year, increasing from £257,590 in 2010 to £299,654 in 2011. Woking is a large commuter town within easy reach of central London by rail.

Falkirk in Scotland experienced the second biggest hike in home prices a 12% year-on-year gain. Like Woking, Falkirk is within easy commuting distance of major commercial centres, lying almost equidistant between Edinburgh and Glasgow, helping to drive demand for home in the area and in turn property prices.

The average price of a home in Falkirk is £124,082, making it more affordable than many other areas close to Scotland's two largest cities.

Towns in London and the South East accounted for nine of the 20 towns which recording the greatest property price gains last year while overall, 28% of the towns surveyed saw some increase in prices over the year.

Kettering in Northamptonshire and Dunfermline in Scotland experienced the largest falls in average selling prices in 2011, with falls of around 15%.

Martin Ellis, housing economist at Halifax, said: “Whilst house prices nationally have been largely unchanged in recent months, there have been significant differences in performance in towns across the country. The two towns in our research recording the biggest rises are both within easy commuting distance of major commercial centres. In contrast, the majority of towns that have fared worst in house price terms are outside southern England where economic conditions have tended to be less favourable.”