Homeowners in local authorities with the largest falls in the unemployment rate have seen the value of their property rise by almost £136,000 over a decade, according to new research by Lloyds Bank.
The average house price in the ten local areas that recorded the largest falls in the unemployment rate in the decade to March 2014 rose by 68%, or £198,709, to £334,404. The unemployment rate in these areas fell by 1.3% during the period.
The rise in house prices in the ten top performing employment locations over the past decade is split between areas of northern Scotland and inner London.
In the Shetland Islands the average house price has more than doubled (104%) in the past decade to £153,782. The Shetlands is followed by Hackney (84%), Southwark, Western Isles (both 78%), Lambeth (76%) and Tower Hamlets (72%). All of these areas have seen their unemployment rate fall by between 1.1% and 1.8% since 2004.
These areas have outperformed the rest of the country as a whole, with UK average property prices growing by 22% (£36,482) to £199,039 over the same period, whilst the national unemployment rate is 0.5% higher.
Falling unemployment in the past year has been one of the factors helping the outlook for house prices. In the ten areas with the largest fall in the unemployment rate since March 2013 the average house price has grown by 8%. Areas with the largest increases include Middlesbrough (12%), Hull (11%), Barking and Dagenham, Peterborough and Oldham (all 10%). In these areas the claimant count unemployment rate has fallen on average by 2% during the year.
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