- The spa town of Cheltenham saw the biggest rise in average house prices in 2017, according to a new report by Halifax.
- Prices in Cheltenham rose 13%, nearly five times the UK’s average increase of 2.7%.
- In cash terms, two London boroughs saw the biggest rises, both of more than £40,000.
LONDON – House prices in Cotswolds spa town Cheltenham rose nearly five times the UK national average in 2017, according to new research by Halifax.
The average price of homes in Cheltenham increased by 13% last year, rising from £277,118 to £313,150. The percentage increase was nearly five times the UK average of 2.7% and more than any other major UK town or city.
Cheltenham is known for its annual horse jumping festival and its picturesque Regency architecture. The town also hosts several music and literary festivals, and has been named an Area of Outstanding Natural Beauty.
Property in the seaside towns of Bournemouth and Brighton also jumped in value last year, according to Halifax, with both areas seeing price increases of 11%.
“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,” Russell Galley, managing director of Halifax, said in a statement.
“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.”
Although 15 of the top 20 performers were in London and the South East, others at the top of the list included Huddersfield, Nottingham, Lincoln in the East Midlands, Stockport in the North West, and Swansea in Wales.
13 towns recorded declines in house prices last year. Perth replaced Aberdeen as the town with the greatest fall. House prices in Scottish town Perth dropped by 5.3%, falling from £190,813 in 2016 to £180,687.
“The majority of towns in which house prices have dropped in the last year are situated within Scotland or Yorkshire and the Humber,” said Galley.
“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.”
In cash terms, average prices rose most in the London boroughs of Richmond upon Thames and Barnet. Each saw rises of over £40,000.
The top 10 risers were:
- Cheltenham – 13%
- Bournemouth – 11.7%
- Brighton – 11.4%
- Crawley – 10.4%
- Newham – 10.2%
- Peterborough – 10.1%
- Gloucester – 9.5%
- Huddersfield – 9.3%
- Exeter – 9.1%
- Nottingham – 8.9%
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