Scotland and the north of England have experienced the greatest rises in property values over the past ten years, according to a new survey based on the price paid per square metre (sq m). The research published by Halifax found that, out of the 467 towns surveyed, all of the top ten were in the north of England or Scotland. Peterhead, in Aberdeenshire, takes the top spot after seeing the cost of a home per sq m jump by 160 per cent between 2001 and 2011.
The organisation noted that all of the areas that saw substantial rises in values started from relatively low base points, with strong economic growth in these regions contributing to the changes in the real estate sector. However, when the data is broken down to look at the performance of housing markets since 2007 - and the onset of the current financial crisis - the top 12 is dominated by London boroughs, although two Scottish towns retain the number one and two positions.
In fact, these 12 regions are the only ones in the country where house prices are now higher than they were in 2007. Peterhead and Inverurie head up the list, with Westminster and Islington among the districts in the capital that also feature in this category. However, despite the gains made in some areas, there is still a big disparity between property values in London and the south of England and those in Scotland and the north of the country. Earlier this month, Rightmove highlighted that average house prices in the south of England are now more than double those in the north.