Research suggests that the area in the UK that enjoyed the fastest growing property prices in 2017, was Cheltenham. The town in Gloucestershire recorded an increase in house prices of 13% over the year, nearly five times the UK average.
The research was carried out by the Halifax bank and was based on their own mortgage data.
The key findings were:
- The average UK house increased by 2.7% during 2017
- The biggest growth was in Cheltenham where prices rose by 13%
- Bournemouth & Brighton also recorded double-digit growths
- The largest drop in value was in Perth, Scotland where prices fell 5.3%
The majority of the largest value increases were seen in the south of England, however, a few more northernly cities bucked the trend, including; Huddersfield, where prices rose by 9.3%, Nottingham (8.9%), and Lincoln (8.4%).
“A number of towns and cities have recorded significant rises in house prices over the past year, with all of the top 20 performers recording growth of at least double the national average,” said Halifax managing director Russell Galley.
“Unlike last year, the top performers are not exclusive to London and the South East, with the top spot now belonging to Cheltenham in the South West, and towns in East Anglia, East Midlands, North West, Wales and Yorkshire and the Humber also making the list.”
As well as Perth, there were also falls in house prices for the likes of Stoke-on-Trent (-4%), Paisley (3.6%), and Wakefield (-2.9%).
Last years biggest fallers, Aberdeen, again saw a reduction in house prices. However, the drop was a little less severe this year at -1.1% rather than the -6.9% seen in 2016.
In total, 13 towns saw a drop in value in 2017, suggesting that there is still some way to go before the housing market crash can be considered to be completely over.