In order to provide you with the best online experience this website uses cookies. By using our website, you agree to our use of cookies. Close More Info

Property News

UK house prices: last year's best and worst performing towns

Part Two: Scotland and Yorkshire fall behind

In the first instalment of this short Nethouseprices series, we looked at the findings of a recent Halifax report on property prices in UK towns during the course of the past year. The best performing towns, we learnt, were largely located in the South West of England. London and the South East, traditionally well-represented in the upper echelons of the table, were much less dominant than in previous years. Today, we turn to the other end of the table and those towns recording minimal growth and those - thirteen in all - where prices actually declined in 2017.

The lower leagues

These figures come with an important caveat - that they are based on Halifax's own index of house prices in the UK and use crude averages for the twelve months to November 2017. They aren't collated from official Land Registry sold prices or Registers of Scotland data. Accordingly, we would stress that, while they provide an interesting and useful snapshot of the slower moving housing markets, they need to be viewed with a degree of caution and you should check other sources before relying on them for investment or other purposes.

With this in mind, though, the following are the only communities from the 119 postal towns evaluated by Halifax to record falling property prices:

1. Perth, Scotland

Average cost of a house November 2017 = £180,687.
Average cost of a house November 2016 = £190,813.
Cost change = -£10,126.
Annual rate of growth = -5.3 per cent.

2. Stoke on Trent, West Midlands

Average cost of a house November 2017 = £152,340.
Average cost of a house November 2016 = £158,742.
Cost change = -£6,402.
Annual rate of growth = -4.0 per cent.

3. Paisley, Scotland

Average cost of a house November 2017 = £123,665.
Average cost of a house November 2016 = £128,258.
Cost change = -£4,593.
Annual rate of growth = -3.6 per cent.

4. Wakefield, Yorkshire and the Humber

Average cost of a house November 2017 = £168,920.
Average cost of a house November 2016 = £173,997.
Cost change = -£5,076.
Annual rate of growth = -2.9 per cent.

5. Rotherham, Yorkshire and the Humber

Average cost of a house November 2017 = £140,364.
Average cost of a house November 2016 = £143,510.
Cost change = -£3,146.
Annual rate of growth = -2.2 per cent.

6. Dunfermline, Scotland

Average cost of a house November 2017 = £158,442.
Average cost of a house November 2016 = £161,976.
Cost change = -£3,535.
Annual rate of growth = -2.2 per cent.

7. Barnsley, Yorkshire and the Humber.

Average cost of a house November 2017 = £135,114.
Average cost of a house November 2016 = £137,352.
Cost change = -£2,238.
Annual rate of growth = -1.6 per cent.

8. Aberdeen, Scotland

Average cost of a house November 2017 = £201,276.
Average cost of a house November 2016 = £203,425.
Cost change = -£2,155.
Annual rate of growth = -1.1 per cent.

9. Bromley, South East England

Average cost of a house November 2017 = £488,191.
Average cost of a house November 2016 = £491,383.
Cost change = -£3192.
Annual rate of growth = -0.6 per cent.

10. Bradford, Yorkshire and the Humber

Average cost of a house November 2017 = £131,505.
Average cost of a house November 2016 = £132,018.
Cost change = -£515
Annual rate of growth = -0.4 per cent.

11. Leeds, Yorkshire and the Humber

Average cost of a house November 2017 = £191,751.
Average cost of a house November 2016 = £192,480.
Cost change = -£738.
Annual rate of growth = -0.4 per cent.

12. Hounslow, Greater London

Average cost of a house November 2017 = £438,497.
Average cost of a house November 2016 = £439,405.
Cost change = -£909
Annual rate of growth = -0.2 per cent.

13. Sunderland, North East England

Average cost of a house November 2017 = £144,085.
Average cost of a house November 2016 = £144,341.
Cost change = -£728.
Annual rate of growth = - 0.2 per cent.

UK

Average cost of a house November 2017 = £247,933.
Average cost of a house November 2016 = £254,609.
Cost change = £6,677.
Annual rate of growth = 2.7 per cent.

Minimal change

The following locations recorded the lowest rates of growth among those postcodes analysed by Halifax:

14. Stevenage, South East England - Prices rose by 0.2 per cent.
15. Bolton, North West England - Prices rose by 0.2 per cent.
16. Tower Hamlets, Greater London - Prices rose by 0.3 per cent.
17. Harrow, Greater London - Prices rose by 0.6 per cent.
18. Reading, South East England - Prices rose by 0.7 per cent.
19. Bridgend, Wales - Prices rose by 0.7 per cent.
20. Norwich, East Anglia - Prices rose by 0. 7 per cent.

Reaction

That Scotland should have so many entries at the bottom of the table is slightly surprising because, as Nethouseprices readers are all too aware, that country has recorded steady growth during the past year, and such cities as Edinburgh and Glasgow have seen some of the fastest rising house prices in the UK. Aberdeen's problems are, of course, well understood - the floundering oil market has eroded demand for housing. Less clear are the issues with Perth, Paisley and Dunfermline. In general terms, however, it would seem that that these towns, in common with their counterparts in the North of England, are experiencing slower economic growth than the rest of Britain and their respective jobs markets are somewhat less robust. Certainly, this was the view taken by Russell Galley, Managing Director of Halifax Community Bank, in his introduction to the study. It's important to emphasise, though, that there is no reason to assume that this is a long term trend. We will be revisiting these towns in the coming months and will update you on how they are faring.

As for the representatives from the more affluent, southerly portions of the country, it seems that affordability problems are central to their sluggish house price performances. Again, no one is predicting that their declines will gather any real pace and we don't see any reason for their residents to be too downhearted.

You can also sign up to our newsletter and join Nethouseprice’s community of over 190,000 members who get regular property tips, relevant offers and news, click here  http://nethouseprices.com/auth/user-register

Source: Nethouseprices 12.01.18

Make a comment

Please use the comment box below. Please first or create an account.
user avatar

Register For Free

Create an account for free today to unlock some great features of Net House Prices.

Instant House Valuation