Cheltenham records biggest UK house price rise
Cheltenham in Gloucestershire recorded the UK's biggest increase in house prices during 2017, new data has shown.
Research compiled by Halifax from its own data found that the town saw the average cost of a property hit £313,150 last year, up by 13 per cent. This was considerably higher than the national average growth rate of 2.7 per cent.
The second biggest climb in prices came in Bournemouth, where there was average growth of 11.7 per cent, followed by Brighton at 11.4 per cent.
Much of the higher growth came in London and southern parts of England, but the highest performances away from these regions came in Huddersfield (9.3 per cent), Nottingham (8.9 per cent) and Lincoln (8.4 per cent). Stockport and Swansea also recorded larger than average gains.
In contrast, the biggest fall in prices came in Perth, where the average house price dipped by 5.3 per cent to £180,687. Other decreases came in Yorkshire and the Humber.
The news may prompt property investors to look to areas they might not previously have considered when it comes to the best prospects for letting. It should also encourage them to keep monitoring the latest trends in particular areas and regions, since surprises can occur that might result in bigger profits and better returns on investments.
Halifax managing director Russell Galley commented: "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."
Late last year, Halifax revealed that the total value of private residential property in the UK is now £6.02 trillion, with the figure having grown by £376 billion in the last year alone.
However, it said it expects annual house price growth nationally to remain in the region of zero to three per cent for 2018, mostly due to modest economic growth and continuing pressure on household finances that will have an effect on affordability.
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