Deprived areas will experience house price increases next year

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by Kay Murchie

A survey by Halifax Estate Agents has revealed that some of the UK’s most poorest areas could witness the largest rises in property prices in 2008 in spite of average property values across the country remaining the same.

Halifax say properties in Scotland and northern England will see some of the biggest increases in 2008. According to the agent, Liverpool, Hackney and Lochgelly, Fife, are among 10 areas identified by the Halifax as property hotspots, which expects undervalued areas to rise in price as buyers look further afield.

The areas are all identified as places where property is valued at a significant discount to the average for their region, with homes in Liverpool, worth 24% less on average than those in the rest of the north-west of England, while those in Lochgelly sell for 31% below the Scottish average.