House price surge in Portsmouth is welcomed

AVERAGE house prices in Portsmouth are rising faster than most of the UK's other major cities, new figures show.

By The Newsroom

Published 23rd Jan 2017, 05:55 GMT

The average value of homes on Portsea Island rose by eight per cent in 2016 to £222,400.

The Hometrack UK Cities House Price Index, which tracks price movements across the UK’s 20 biggest cities, conducted the study.

It revealed that Portsmouth had the fourth-highest surge in prices in the UK.

The city pipped neighbour Southampton, which saw a rise in its prices of 7.9 per cent, with the average home valued at £221,700.

The news has been welcomed by estate agents on the island, who said the area’s housing market was healthy.

Alistair Jones, branch partner at the Fox & Sons, in London Avenue, North End, said: ‘Now is a prime time to sell your property as high demand continues to outweigh supply.’

Property prices increased most in Bristol, with a 9.6 per cent rise, to £261,600.