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City house prices 'rise six-fold'
Properties in Westminster have increased in value by 522 per cent over the last 25 years, according to a study by Halifax
House prices in Truro, Westminster, Edinburgh and Brighton have seen at least a six-fold rise in the last 25 years, a study of the UK's top-performing cities has found.
City house prices have risen at a higher percentage rate than those in the UK generally over the last quarter of a century, at 382% compared with the UK average of 347%, the Halifax survey found.
They have also fallen less sharply since the housing market peaked in 2007, dropping by 18% compared with the average UK decline of 24%.
Truro house prices have risen from an average of £37,237 in 1986 to £242,100 in 2011, an increase of more than £200,000 or 550% and the biggest percentage jump in the study.
Homes in Westminster in London have increased their value by 522% or nearly half a million pounds over the period to be worth £547,767, while those in Edinburgh have seen a 509% increase to average £204,038.
Meanwhile, homes in Brighton and Hove outperformed their region by the biggest margin in the study. They recorded a 500% increase in average house prices since 1986 to reach £249,532, 180 percentage points higher than the 320% rise for the South East as a whole.
The study was carried out to see how city house prices have performed in the light of towns applying for city status as part of the Queen's Diamond Jubilee celebrations.
House prices in cities have typically risen from £35,209 in 1986 to £169,707 in 2011 according to the survey, which used Halifax's housing statistics database, still putting them slightly below the UK average house price of £172,427 last year.
Martin Ellis, housing economist at Halifax, said: "Cities have typically seen higher house price growth than the UK average over the past 25 years.
"The majority of cities have also outperformed their region. City house prices are generally supported by demand from those looking to gain from the economic and lifestyle benefits often associated with residing in major urban areas."