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Do you live in the town with the fastest growing house prices this year?


01-01-2017

 

Couple looking at estate agent window 

House prices in Aberdeen recorded the highest fall among major UK towns and cities over the past year, after demand for homes was hit by the slump in oil prices.

According to new research by Halifax, prices in Aberdeen were down 6.9pc to an average of £203,425 in the 12 months to the end of November, having been £218,442 a year previously.

Aberdeen
House prices in Aberdeen fell 6.9pc in the last year Credit: Simon Price / Alamy

Martin Ellis, housing economist at Halifax, said the fall could be attributed to the north east coast of Scotland’s dependence on the North Sea oil and gas sector.

“The substantial fall in oil prices in the past couple of years has hit the industry hard with adverse impact on demand for homes in the area,” he said.

There were also marginal price drops in a number of other towns, including Falkirk, down 1.1pc, Inverness, down 0.9pc, and Blackpool, down 0.5pc.

At the other end of the scale, Luton recorded the biggest percentage rise in house prices during the year. The cost of a home in the Bedfordshire town was 19.4pc higher than in the previous year, increasing from £214,934 to £256,636 in 2016.

This is more than two and a half times the average increase across the UK, which was 7.5pc.

Luton street
Luton has been identified as the top-performing town across the UK for house price growth over the last year Credit: Dominic Lipinski/PA

Luton has benefited from being within commuting distance of London and having relatively low property prices. Nearby Dunstable saw the third highest rises, up 17.9pc during the year to an average of £253,799. All top 10 performers were in London and the South East.

www.telegraph.co.uk/

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