Cotswolds Face Highest House Price Rise

3rd January 2018. 

House prices in the Gloucestershire town of Cheltenham rose more rapidly than in any other part of the UK in 2017, while Perth in Scotland fell sharply, according to new research.

New data from mortgage lender Halifax, has found that homes in Cheltenham jumped by 13 percent during the year, nearly five times the national UK increase of 2.7 percent.

Prices in London and the south-east towns in Wales, Yorkshire and the East Midlands also saw a fast increase, but forecasters insist this will slow to a halt in 2018 amid Brexit uncertainty.

According to the mortgage lender, houses in the London borough of Richmond upon Thames saw the highest increase, rising by £45,463. The average home price in the borough is now hitting around £646,112, more than three times the price of a home in Perth.

Homes in Perth, the central city in Scotland, saw a decline in value by 5.3 percent, with the average home selling for just £190, 813.

Fellow mortgage lender, Nationwide, has predicted property values to be “broadly flat” in 2018 however, while Halifax predicts a low domestic growth of 0-3 percent.

Furthermore, the outlook for London is predicted to be particularly bleak, with economists forecasting a sharp slide in house prices later in the year.

A recent poll by news agency, Reuters, saw property prices rising by 1.3 percent nationally but falling by 0.3 percent in the capital. Issues such as Brexit uncertainty as well as the impact of another rate increase by the Bank of England, could contribute to a bleak outlook for the housing market.

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