x
By using this website, you agree to our use of cookies to enhance your experience.

Areas with low unemployment have seen house prices rise at a dramatically faster rate than areas with high unemployment.

House prices in the 20 areas with the lowest unemployment rates have risen by almost £65,000 since the trough of the last housing market cycle in 2009, according to new research from Lloyds Bank.

But the 20 areas with the highest rates of unemployment saw house prices rise by just £4,000 over the same period.

Areas with the highest levels of employment have seen an average house price rise of 23% since 2009.

That is 35% higher than the UK average of 17%.

By comparison, areas with the highest levels of unemployment have recorded an average house price gain of 3%.

Hart and Winchester, which have had the lowest average unemployment rates since 2009, have recorded house price gains of 33% and 37% respectively in the last six years.

Hull and Middlesbrough, the two areas with the highest unemployment, have seen house prices increase by only 2% and 1% respectively.

Andy Hulme, Lloyds Bank mortgages director, said: "The past few years have underlined the importance of local economic health in determining house price behaviour.

"Other factors, however, are also key drivers of house price trends including the strength, or otherwise, of housing supply."

Comments

MovePal MovePal MovePal