Cheltenham Comes Top For House Prices In 2017

Cheltenham pinned on a map of UK

If you’re planning on a self-build project this year and are wondering which part of the UK would represent a good return on investment for your new timber frame home, you could certainly do a lot worse than relocating to Cheltenham.

That’s because the latest Halifax report has just revealed that the Gloucestershire town saw the biggest percentage rise in house prices of any major town or city in the UK last year. In actual fact, the average house price in the town – famed for its cultural festivals and horse racing – was 13 per cent higher than in 2016, climbing from £277,118 to reach £313,150, almost five times the 2.7 increase that the country as a whole saw.

Managing director Russell Galley commented: “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, [the] north-west, Wales and Yorkshire and the Humber also making the list.”

If you don’t like the idea of Cheltenham, you could perhaps consider Bournemouth or Brighton instead. The latter saw annual house price growth of 11.4 per cent, while Bournemouth saw an increase of 11.7 per cent.

And outside London and the south, the likes of Huddersfield in Yorkshire and the Humber, Nottingham, Lincoln, Stockport and Swansea all saw strong growth over the last 12 months.

Mr Galley did go on to note, however, that the majority of towns in the UK that saw house prices drop in the last year were within Scotland or Yorkshire and the Humber. He attributed this to lower employment levels and weaker economic conditions in comparison to those places that saw house price growth.

If it’s way of life you value highest, however, and not how much your house is actually worth you might want to up sticks and move to Hart in the south-east of the country.

Further Halifax research revealed last month (December 16th) that this very peaceful district in Hampshire is once again the best place to live in the UK, booting Winchester off the top spot. The results were based on health and life expectancy, earnings, wellbeing, low crime rates, good weather and employment.

The Orkney Islands came in second place in the rundown, followed by Rutland in the East Midlands, Wychavon in Worcestershire and Winchester in fifth.

If you do decide that Hart is the place to be, expect to pay top dollar for property, however. The study also found that the cost of living here is a lot higher than in other parts of the UK – and average house prices stand at £419,231… 8.8 times the average annual pre-tax local income.

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