The hottest property in Britain last year wasn’t in London — it was in Cheltenham

The hottest property in Britain last year wasn’t in London — it was in Cheltenham

caption
Cheltenham.
source
Wiki Commons
  • 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%

Read More