St Albans house prices rise by 13% (From St Albans & Harpenden Review)

St Albans house prices rise by 13% in 12 months says Halifax Town House Price Survey

5:30pm Friday 4th January 2013 in News By Zoe Forsey, Senior Reporter

House prices in St Albans have risen by 13% over the past 12 months, the fourth highest increase in the UK.

Although the national housing market has remained largely unchanged in 2012, the average price in St Albans has increased from £328,290 to £371,131.

Southend On Sea saw the highest rise in the country at 14.8% taking the average house price to £198,418.

Craigavon in Northern Ireland was hit by the biggest drop, with the average house value falling by 18.4%.

Danny Payton, a partner at Image estate agent in St Peters Street, said: "St Albans attracts a lot of city money.

"It seems to be in a recession bubble. It doesn’t seem to be affected by it.

"St Albans attracts just as many people from outside the area as people moving within it."

Oliver Crudgington, sales director at Louise Saunders Estate Agent in Holywell Hill, believes that the increase is due to supply and demand in the city.

He said: "There aren’t many properties on the market at the moment. There are more buyers than sellers.

"Hopefully this year there will be lots of houses coming back on to the market which will give the banks more confidence."

The statistics come from the Halifax Town House Price Survey of the UK.

Martin Ellis, housing economist at Halifax, said: "Nationally, conditions in the housing market have been largely unchanged over the past 12 months with little overall movement in either house prices or sales for the second consecutive year.

"This picture, however, conceals considerable local differences.

"Several towns within easy commuting distance of the capital feature in the list of top performers, whilst the majority of towns that have fared worst in house price terms are outside southern England, where economic conditions have generally been less favourable."

Mr Ellis added that he expects continuing broad stability in house prices nationally in 2013.

He said: "The generalised north south divide in house price performance seen during 2012 is likely to continue next year.

"House prices are expected to be strongest in London and the South East as this part of the country performs best in economic terms."