Norwich sees one of smallest rises in house prices in 2017
PUBLISHED: 16:27 04 January 2018 | UPDATED: 16:27 04 January 2018
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Norwich has seen one of the smallest rises in house prices nationwide, according to new research from Halifax.
While the national average rise in 2017 was around 2.7pc, the average price in Norwich rose just 0.7pc, from £237,380 to £239,135.
It bucks the trend of areas where small rises of falls in house prices were found in the research, which are usually confined to places with “relatively weaker economic conditions”, according to Russell Galley, Halifax managing director.
“The majority of towns in which house prices have dropped in the last year, are situated within Scotland or Yorkshire and the Humber,” he said. “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.”
It was Cheltenham which saw the highest percentage rise in house prices of any major UK town or city last year.
The average house price in the town was 13pc higher than in the previous year, increasing from £277,118 to £313,150 in 2017; nearly five times the 2.7pc increase in the UK as a whole.
Fifteen of the 20 top house price performers are in London and southern England – these include Crawley (10.4pc), Newham (10.2pc), Peterborough (10.1pc), Gloucester (9.5pc) and Exeter (9.1pc). Huddersfield (9.3pc) in Yorkshire and the Humber, Nottingham (8.9pc) and Lincoln (8.4pc) in the East Midlands along with Stockport in the North West (8.2pc) and Swansea in Wales (7.7pc) are the top performers outside London and the South, making the top 20 this year.
Russell Galley, Managing Director, Halifax commented: “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.
“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, North West, Wales and Yorkshire and the Humber also making the list.”
House price growth in cash terms over £40,000 in past year
Norwich was in the bottom 20 major town or cities for house growth in 2017, according to the research.