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Cheltenham house price growth is five times higher than the UK average

The spa town of Cheltenham leads the table with 13% annual house price growth almost five times higher than the rest of the country.

Research from the Halifax reveals Cheltenham as the fastest growing town in 2017 where house prices up 13.0% on the year and is almost five times higher than the 2.7% rise for the UK as a whole.

The town, famous for horse racing and cultural events, has seen property values increased by £36,032 compared to the national average of £6,677.

The significant increase means first time buyers may need a larger deposit or have higher earnings to purchase their first home in Cheltenham.

For new purchases in these areas, buy-to-let landlords would need to put down more equity and require higher rental income to cover the cost for a larger mortgage.

London and Southern England dominate table

Fifteen of the top twenty house price performers are in London or Southern England and all have growth rates in excess of 7.5% for the year.

The following table from the Halifax shows the top ten average house prices and growth rates from towns and areas during 2017.
Town Average price Growth rate
Cheltenham £313,150 13.0%
Bournemouth £273,687 11.7%
Brighton £374,662 11.4%
Crawley £323,660 10.4%
Newham £402,781 10.2%
Peterborough £220,623 9.5%
Gloucester £231,581 9.3%
Huddersfield £186,988 9.1%
Exeter £273,874 8.9%
Nottingham £193,397 8.8%
Leading the table is Cheltenham in the South West where the property value has increased from £277,118 last year to £313,150.

Russell Galley, Managing Director of Halifax said, a number of towns and cities have recorded significant rises in house prices over the past year, with all of the top 20 with growth of at least doubled the national average.

The largest rise by value is the London borough of Richmond Upon Thames up £45,463 or a 7.6% rise with the most expensive average house price of £646,112.

Barnet, also in Greater London, higher by £41,697 where average prices are £584,049 followed by Brighton in the South West rising £38,289 or an 11.4% increase with an average price of £374,662.

These higher prices for remortgage buyers give them an opportunity to release capital which they can use to improve their home.

For older homeowners in these areas, the higher values allow the equity release mortgage buyer to access this wealth which they can use to repay an interest only mortgage or even reduce inheritance tax owed by your beneficiaries.

Thirteen towns with house price falls

There were towns and areas where house prices declined in 2017 with five in Yorkshire and the Humber, four in Scotland, one in the West Midlands, South East, Greater London and the North.

The largest fall was Perth in Scotland from £190,83 in 2016 to £180,687 reducing -5.3% by -£10,126 followed by Stoke On Trent lower by -4.0%.

In London, the borough that decreased was Hounslow where house prices decreased very slightly by -0.2% or -£909 and average property values of £493,855.

For home movers leaving areas with the highest rising values to areas with lower growth, they will have extra equity for a deposit to buy a larger home or can reduce their mortgage.

Russell Galley adds, the majority of towns in which house prices have dropped in the last year are in Scotland or Yorkshire and the Humber.

Generally speaking, property values in these areas have been constrained by lower employment levels or relatively weaker economic conditions compared to those areas that have seen house price growth.

What are your next steps?

Call our LCM mortgage brokers if you are a buy-to-let landlord with a property, remortgaging and want the best mortgage deal, buying your first home or you are planning to move home.

For equity release buyers our London City Mortgage advisers can recommend lifetime mortgages allowing you to receive cash from your home to spend on anything such as consolidate debt, for home improvements or holidays of a lifetime.

Learn more by using the mortgage monthly cost calculators, property value tracker chart and equity release calculator. Start with a free mortgage quote or call us and we can take your details.

Use your dashboard to access online mortgage quotes, money off vouchers and start your mortgage application online 24/7 on desktop, tablet or smartphone.

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    Equity Release may involve a Lifetime Mortgage or a Home Reversion Scheme. To understand the features and risks, please ask for a personalised illustration. Equity Release may affect your entitlement to means tested state benefits and will impact on the size of your estate. For Equity Release London City Mortgages charge a fixed fee upon completion of £695. For Mortgages a fixed fee is charged on application. Typically this is from £295 up to £495 for the services selected.


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