County Armagh experiences strong growth in property prices

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by Kay Murchie

County Armagh in Northern Ireland has experienced a 331% growth in property prices over the last decade.

The annual County House Price Survey conducted by the Halifax has established exceptionally high price increases in Northern Ireland with 5 counties from the region making the top ten for the most considerable growth.

Prices across Northern Ireland have been supported by strong economic growth, increased immigration and high demand for properties from second homebuyers and buy-to-let investors in the Republic of Ireland.

Prices in 44 of the 104 counties surveyed have at least trebled in the last 10 years with Cornwall being the best performing county in England followed by the Isle of Wight up 266% and 245% respectively.

Surrey continues to be the most expensive county for property with an average house price of £364,115 while Blaenau Gwent is the least expensive with an average price of just £113,964.

Martin Ellis, chief economist for the Bank of Scotland, said all counties in the UK have seen at least a doubling in prices since 1997. Prices in more than four in ten counties trebled or more.

Mr Ellis predicted that UK house prices will be flat in 2008, but regional variations are expected.