Bristol has seen the biggest growth in house prices in the UK during 2007, according to research from Email4property.co.uk.
The website says, overall, house price inflation has levelled out after a year of fast-paced rises, with many cities continuing to perform well.
According to Email4property.co.uk’s research, average house prices in Bristol increased by 9.2% compared with the end of 2006.
Property prices also performed well in Manchester, rising 6.3% to £184,494; Cardiff, gaining 4.1% to £183,473; and Leeds, which added 3.5% to £153,930.
However, the research shows further evidence of falling demand for flats, following a RICS survey that suggested demand for flats is weakening.
Central Birmingham, where flats made up 98% of all property sales in 2007, saw prices fall 5.5%, according to Email4property.co.uk.
David Bexon, managing director of Email4property.co.uk, comments: “Since the turn of the century, many of the major towns and cities throughout the country have experienced large-scale regeneration in a bid to shed old images and rebrand in keeping with the Capital. However, in some cases this has led to available housing disproportionate to the requirements of the local demographic. “
He says experienced property investors will come out of 2007’s market turbulence unscathed, but new investors may feel the pinch of high mortgage rates and tight lending criteria moving into 2008.
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