Liverpool records major house price growth

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Liverpool's status as the European Capital of Culture has seen the price of property in the city rise by 76 per cent in the past five years, according to new figures.

Research by Halifax revealed that the increase since June 2003, when the status was announced, is higher than averages for both the north-west and England as a whole.

Newcastle and Gateshead also recorded major rates of growth along with Birmingham, while Oxford experienced the smallest level.

Martin Ellis, chief economist of Halifax, claimed that regeneration projects had been a major driver in the increases.

He added: "The demand for good quality, affordable housing has remained high due to Liverpool's close proximity to key towns and cities."

Recent research by Yorkshire Bank found that a number of homeowners now view their gardens as a way to add value to their properties.

Many first time buyers now believed that the availability of green space with a property was worth around £4,000.

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