Bury is England's property hotspot

Bury is the biggest property hotspot in England and Wales, a study has found.

New research by Halifax revealed that sales of homes in the Greater Manchester town of Bury have risen by 44 per cent over the first six months of 2011 when compared to the same period in 2010.

The increase is thought to have been driven by a marked rise in the level of activity at the lower end of the housing market in the area, with flats and terraced homes accounting for over three-quarters of the overall rise in sales.

Northern towns have also significantly outperformed southern towns, with all of the worst performing regions in the study cited as in the south.

"The relatively favourable levels of affordability in many of the top performing northern towns have helped to support housing market activity in these locations, albeit from historically low levels," said Suren Thiru, Halifax housing economist.

Shelter is likely to welcome the news as it recently reported that rents are becoming unaffordable for the average family.

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2011-10-14 16:56:39 © Moneyextra.com