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.

Monday, 23rd January 2017, 5:55 am

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.

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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.