Newport tops the house price growth table with double digit rise
The biggest jump in house prices in 2018 was in Newport, Wales, according to analysis of Land Registry data by Gatehouse Bank.
It found that house prices in Newport shot up by 10.6% in 2018 to reach an average £182,505 while prices Aberdeen suffered the worst fall outside London, dropping 6.5% to £152,799.
Across the UK house prices were up by 2.6% last year, with 318 (78.3%) of all 406 local authorities experiencing a rise in prices, while 88 (21.7%) saw them fall last year.
The second best performing area was also in South Wales with Merthyr Tydfil experiencing a rise of 9.7% to £106,228 and in third place was Nuneaton, Warwickshire where prices climbed 9.3% to £181,987 on average.
Warrington and Corby made up the top five.
Charles Haresnape, CEO of Gatehouse Bank, said: “It was an unpredictable year for house prices in 2018 and in the end, although the market only just outpaced inflation on the whole, there were still some stand out performances.
“Increases of 10.6% in Newport and 9.7% in Merthyr Tydfil are pretty striking when you consider the political instability that has weighed on the UK since the Brexit vote.
“Poor performances like that seen in Aberdeen, which fell 6.5%, are proof that the cocktail of economic uncertainty, lack of housing supply and a raft of buyer incentives and cheap borrowing are creating a heady mix of outcomes across the country.
“Of course, a strong increase in one year is no guarantee of future success. Indeed, only three places in 2017’s top 10 appear in 2018’s top flight, with first place Cambridge dropping to 259th of all local authority areas last year.”