Cheltenham saw the highest percentage rise in house prices of all major UK towns and cities during 2017.
Cheltenham saw house prices rise 13 per cent year on year, according to new research from Halifax. In contrast, the largest annual house price fall came from Perth in Scotland, which saw decline of 5.3 per cent.
The average Cheltenham house price rose from £277,118 to £313,150 in 2017, nearly five times the 2.7 per cent nationwide increase. Bournemouth followed behind, seeing prices rise 11.7 per cent, whilst Brighton fell into third place with growth of 11.4 per cent.
Overall, 15 of the top 20 house price performers were situated in London and Southern England. Crawley saw prices rise 10.4 per cent, Newham at 10.2 per cent, Peterborough up 10.1 per cent, Gloucester up 9.5 per cent and Exeter up 9.1 per cent.
Halifax managing director Russel 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. 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.’
However, 13 towns recorded declines in house prices in 2017. Whilst Perth saw the largest fall, from £190,813 to £180,687, Stoke on Trent also saw a decline of 4 per cent. Paisley and Wakefield saw prices fall 4 per cent and 3.6 per cent respectively, whilst Dunfermline and Rotherham declined 2.2 per cent. Aberdeen saw prices drop 1.1 per cent.
Galley continued: ‘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.’