Halifax 

Cheltenham records biggest house price increase in 2017

Cheltenham records biggest house price increase in 2017

The Gloucestershire town of Cheltenham saw the highest percentage rise in house prices in 2017, according to research by Halifax.

The average house price in the town that is located on the edge of the Cotswolds was 13 per cent more than in the previous year, increasing from £277,118 in 2016 to £313,150 in 2017.

According to the research, this is nearly five times the 2.7 per cent increase registered during the 11 months ending November 2017 for the UK as a whole.

This is less than the price growth registered in 2016, of 6.5 per cent.

The seaside town of Bournemouth on the south coast experienced the second biggest rise, with an increase of 11.7 per cent, while Brighton, on the south east coast, completed the top three with an 11.4 per cent growth in the past year.

Fifteen of the 20 top house price performer towns are located in London and southern England – these include Crawley, Newham, Peterborough, Gloucester and Exeter.

Huddersfield in Yorkshire and the Humber, Nottingham and Lincoln in the East Midlands, along with Stockport in the North West and Swansea in Wales are the top performers outside London and the south, completing this year’s top 20.

Town/Area

Region

Average House Price £ (2016)

Average House Price £ (2017)

Change £

Change %

Cheltenham

South West

277,118

313,150

36,033

13.00%

Bournemouth

South West

245,099

273,687

28,587

11.70%

Brighton

South East

336,374

374,662

38,289

11.40%

Crawley

South East

293,105

323,660

30,555

10.40%

Newham

Greater London

365,438

402,781

37,344

10.20%

Peterborough

East Anglia

200,309

220,623

20,314

10.10%

Gloucester

South West

211,429

231,581

20,152

9.50%

Huddersfield

Yorkshire and the Humber

171,007

186,988

15,981

9.30%

Exeter

South West

251,085

273,874

22,789

9.10%

Nottingham

East Midlands

177,513

193,397

15,884

8.90%

Gravesend

South East

287,544

312,940

25,396

8.80%

Lincoln

East Midlands

179,669

194,723

15,053

8.40%

Stockport

North West

217,410

235,147

17,736

8.20%

Swindon

South West

214,633

231,316

16,683

7.80%

Redbridge

Greater London

441,167

475,148

33,981

7.70%

Swansea

Wales

153,121

164,895

11,774

7.70%

Barnet

Greater London

542,353

584,049

41,697

7.70%

Richmond Upon Thames

Greater London

600,648

646,112

45,463

7.60%

Portsmouth

South East

207,196

222,704

15,508

7.50%

Grays

South East

270,277

290,422

20,145

7.50%

United Kingdom

 

247,933

254,609

6,677

2.70%

According to Russell Galley, managing director at Halifax, “all of the top 20 performers recording growth of at least double the national average”.

He said: “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.”

On the other hand, thirteen towns recorded declines in house prices in 2017, with the largest fall in Perth from £190,813 in 2016 to £180,687 in 2017, or -5.3 per cent.

Mr Galley 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.”

maria.espadinha@ft.com

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