House prices in Southend show biggest price rise

Southend where house prices are rising faster than anywhere else Credit: ITV Anglia

Southend in Essex recorded the biggest rise in house prices among major UK towns and cities over the past year, according to research by Halifax.

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The average selling price in the seaside resort was 14.8% higher than the previous year, rising to £198,418 by the end of 2012, compared with an improvement of 2.1% on average across the whole of Essex. Lowestoft in Suffolk recorded the sixth largest price rise of 12.7 %

Halifax housing economist Martin Ellis 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. "

He expects continuing broad stability in house prices nationally in 2013, with the North/South divide in price performance likely to persist next year.

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