This past year’s largest house price increase goes to Cheltenham with a 13% surge (£36,033) over the last 12 months to an average property value of £313,150.
Halifax released its final figures for 2017 highlighting the top 20 towns with the biggest annual price increases across the UK, all of which are well above the national average of 2.7%.
Next to Cheltenham, Bournemouth’s prices grew by 11.7% to £273,687, closely followed by Brighton (11.4%) and Crawley (10.4%) in the South East.
The fifth place spot goes to London’s Newham (10.2%) with an average property price of £402,781, trailed by East Anglia’s Peterborough (10.1%) with average prices of £220,623 for homes.
From this list of top performers, 15 of the 20 towns are in London and the South of England. However, Huddersfield (9.3%), Nottingham (8.9%), Lincoln (8.4%), Stockport (8.2%) and Swansea (7.7%) also made the list.
On the other side of the spectrum, the UK’s lowest performers include Scotland’s Perth (-5.3%), Stoke-on-Trent (-4%) in the West Midlands, Paisley in Scotland (–3.6%) and Yorkshire’s Wakefield (-2.9%).
Now the dust has settled on the Christmas period we have our first good look at how the UK market has performed in 2017.
As we’ve previously stated, it’s a mixed bag across the board and although some areas have seen a large drop, there are a whole host of areas that have seen very strong growth.
While London and the South continues to dominate for price growth, it’s encouraging to see a number of other areas across the nation also making the list.
It’s likely that 2018 will continue the trend of erratic price growth but we should see this start to stablise as buyer confidence returns to the market post-Brexit.Russell Quirk