Revealed: Where in the UK saw the greatest rise in house prices?

New data by Halifax found that house prices in Cheltenham rose by 13%, more rapidly than anywhere else in the UK. This makes the average price of housing in the area £313,150.

Other areas high up the list were: Bournemouth, Brighton, Crawley, Newham, and Peterborough. Most of the areas with the greatest gains were in London or the South East.

Photo by Ivy Barn on Unsplash

All of the top 20 recorded growth levels of at least double the national average.

The largest cash increase was in the London borough of Richmond. The 7.6% rise in house prices puts the average house price up to £646,112 – an increase of £45,463.

Conversely, Perth saw the greatest fall in prices, making the average house in Richmond worth three times one in the Scottish town.

Property in Perth declined in value by 5.3%, or £10,125 in cash terms, to an average of £190,813.

Other areas that saw a sharp decline in house prices include Stoke-On-Trent, Paisley, Wakefield, Rotherham, and Barnsley.

A representative from Halifax cited low employment rates and weaker economic conditions as key factors inhibiting the growth of the housing market in these areas.

Many commentators are forecasting that the rate of increase in house prices will begin to steady out and flatten due to the uncertainty caused by the Brexit vote.