The London Borough of Greenwich recorded the biggest rise in house prices across the UK over the past year, with Crawley in West Sussex the only area outside of the capital to make the top 10.
The average house price in Greenwich, south east London, rose 24.6pc in the year to November from £263,183 to £328,044, according to research by Halifax.
This was significantly faster than in London as a whole, which saw price growth of 13pc over the same period.
The data shows prices rose by 8.5pc across the UK, bringing the average house price to £209,428.
This is broadly in line with research published yesterday by property website Zoopla, which found UK prices rose by 6pc in 2014 on average, and 15.6pc in London.
Halifax said Ealing in west London experienced the second biggest rise with an average increase of 24.5pc, while Crawley recorded 22.4pc growth.
Sheffield was the top performing area outside the south with prices rising by an average of 13.7pc.
Over the past five years, the South Yorkshire city has seen a significant increase in employment, particularly in managerial, professional and technical skilled occupations. This may have been a key factor in helping to boost housing demand, and prices, in the city.
The 10 best performing areas
| Town/area |
Region |
Average house price (Nov 2013) |
Average house price (Nov 2014) |
Percentage change (%) |
|---|---|---|---|---|
| Greenwich |
Greater London |
263,183 |
328,044 |
24.6 |
| Ealing |
Greater London |
365,859 |
455,543 |
24.5 |
| Crawley |
South East |
218,844 |
267,925 |
22.4 |
| Tower Hamlets |
Greater London |
347,645 |
424,163 |
22.0 |
| Kingston Upon Thames |
Greater London |
379,520 |
460,853 |
21.4 |
| Sutton |
Greater London |
270,461 |
326,565 |
20.7 |
| Waltham Forest |
Greater London |
274,924 |
331,080 |
20.4 |
| Brent |
Greater London |
369,510 |
443,902 |
20.1 |
| Southwark |
Greater London |
375,992 |
450,277 |
19.8 |
| Hackney |
Greater London |
391,195 |
467,945 |
19.6 |
| UK |
193,087 |
209,428 |
8.5 |
Source: Halifax
But many towns in the North saw prices fall over the past year. Bury in Lancashire, Keighley in West Yorkshire and Nuneaton in Warwickshire recorded the largest price falls.
The 10 worst performing areas
| Town |
Region |
Average house price (Nov 2013) |
Average house price (Nov 2014) |
Percentage change (%) |
|---|---|---|---|---|
| Bury |
North West |
147,407 |
140,376 |
-4.8 |
| Keighley |
Yorkshire and the Humber |
137,463 |
131,403 |
-4.4 |
| Nuneaton |
West Midlands |
151,260 |
146,487 |
-3.2 |
| Newport |
Wales |
133,616 |
129,692 |
-2.9 |
| Stoke On Trent |
West Midlands |
127,578 |
124,232 |
-2.6 |
| St Helens |
North West |
123,069 |
119,851 |
-2.6 |
| Livingston |
Scotland |
146,278 |
142,732 |
-2.4 |
| Preston |
North West |
154,185 |
151,071 |
-2.0 |
| Rochdale |
North West |
116,603 |
115,560 |
-0.9 |
| Durham |
North East |
137,964 |
137,118 |
-0.6 |
| UK |
193,087 |
209,428 |
8.5 |
Source: Halifax
What's next for house prices?
House prices shot up in the first six months of the year but slowed sharply in the second half as buyer enquiries and mortgage approvals fell. This was partly due to tough new mortgage lending rules introduced in April that made it more difficult to secure a loan.
Many commentators expect UK prices to rise by around 5pc in 2015, but for zero growth in London.
Estate agent Savills said that having experienced the strongest price growth, London property will “flatline” next year, with five-year price growth totalling just 10.4pc.