House prices – the rise and fall…
It’s no secret that historically the South East of England has boasted some of the country’s most expensive properties. But recent research has shown that perhaps the rest of the country should watch this space, as areas such as Huddersfield and Lincoln appear to be on the rise price wise.
According to research from the Halifax, Cheltenham was the hotspot for the surge in house prices in 2017 with a whopping 13% increase, making the average house price £313,150. Of course Brighton came number 3 in the rankings, with house prices rising 11.4%, but dark horses Huddersfield and Lincoln rose by 9.3% and 8.4% respectively.
Although the statistics may seem daunting and disheartening, in general the rise in house prices seem to be slowing down. In 2017, the average increase was 2.7% across the country, which is significantly less than 2016’s 6.5% increase. It shall be interesting to see if this figure comes to a complete standstill in 2018, with the uncertainty that Brexit poses over the coming months and the pinch that first time buyers are feeling with the limited rise in wages. During December last year Halifax commented that prices had actually fallen by 0.6%, which was the first decline since June 2017. If things continue the way they have been, there may still be hope for first time buyers like me yet!