City sees biggest house price surge in the north as new jobs grow

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One of Yorkshire’s cities has seen one of the biggest surges in property prices outside London in the last year, figures reveal.

House prices in Sheffield have gone up 13.7 per cent in 2014, pushing the average price to £148,372, the biggest rise outside southern England.

But Keighley in West Yorkshire has seen the second biggest drop of 4.4 per cent in the UK, bringing the average house price in the town down to £131,400, according to research today by Halifax.

Other places to see falls include Bury, Nuneaton, Newport, Stoke-on-Trent and St Helens.

Greenwich in London has recorded the biggest surge in house prices with the typical property values increasing by almost a quarter. The study found prices in Greenwich rose nearly 25 per cent year on year to reach £328,044.

This is almost double the rate of growth across London as a whole, where property prices have increased by 13 per cent.

Average UK growth in house prices was 8.5 per cent, bringing the average price to £209,428.

Nine out of 10 areas which have seen the strongest price growth over the last year are in London.

Experts said house prices in Sheffield are likely to have been boosted by a significant increase in employment, particularly in managerial, professional and technical occupations in the last five years.

Craig McKinlay, mortgage director at Halifax, said: “Continuing improvements in the economy, rising employment and low mortgage rates will no doubt have supported housing demand and, combined with a shortage of homes coming on to the market, will have contributed to rising property values.”