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Which town saw the biggest growth in house prices in 2017?

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02/01/2018
In this spa town property values rocketed at five times the national average rate
Which town saw the biggest growth in house prices in 2017?

Cheltenham tops the 2107 table of house price winners, according to figures out from Halifax.

The lender found that the spa town saw annual house price growth of 13% in 2017, nearly five times the UK average of 2.7%.

Prices in the Gloucestershire town increased from £277,118 to £313,150 last year.

Bournemouth was the second property hotspot in the table, recording growth of 11.7%, followed by Brighton, where prices shot up 11.4%.

But house prices didn’t rise uniformly across the UK.

Price falls

Thirteen towns recorded declines in house prices in 2017, said Halifax, with the largest fall in Perth from £190,813 in 2016 to £180,687 last year, a 5.3% fall.

There were also price dips in Paisley (-3.6%), Dunfermline (-2.2%) and Aberdeen (-1.1%) in Scotland.

Stoke on Trent experienced a 4.0% drop in values, while five towns in Yorkshire and the Humber saw house prices fall, including Wakefield (-2.9%), Rotherham (-2.2%), Barnsley (-1.6%), Bradford (-0.4%) and Leeds (-0.4%).

Bromley in the South East (-0.6%), Hounslow in Greater London (-0.2%) and Sunderland (-0.2%) all recorded marginal decreases.

Russell Galley, spokesperson for Halifax, said: “The majority of towns in which house prices have dropped in the last year, are situated within Scotland or Yorkshire and the Humber.

“Generally speaking, property prices in these areas have been constrained by lower employment levels or relatively weaker economic conditions when compared to those areas that have seen house price growth.”

Southern lift

Fifteen of the 20 top house price performers are in London and southern England, including Crawley (10.4%), Newham (10.2%), Peterborough (10.1%), Gloucester (9.5%) and Exeter (9.1%).

But there were some notable price rises in other parts of the UK too. Huddersfield saw 9.3% price growth, Nottingham 8.9%, and Lincoln 8.4%. In the North West Stockport recorded a price increase of 8.2%.

Galley added: “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.”

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