Newport in Wales saw biggest jump in house prices in the UK in 2018
Newport in South Wales saw the biggest jump in house prices of any UK town or city in 2018, while Aberdeen was the worst performer outside of London, according to a new analysis of Land Registry figures.
Average property prices in Newport increased by 10.6% to £182,505 while Aberdeen suffered the worst fall outside London, with prices down by 6.5% to £152,799, the study from Gatehouse Bank shows.
The average growth rate across the UK was 2.6% last year with 318 or 78.3% of all 406 local authorities saw prices rise in 2018, while 88 or 21.7% saw them fall.
The second best performing area was also in South Wales with Merthyr Tydfil seeing prices rise by 9.7% to £106,228, followed by Nuneaton up 9.3% to £181,987, Warrington up 8.6% to £201,446 and Corby up 8.3% to £186,631.
At the other end of the market Aberdeen saw prices fall by 6.5% to £152,799, followed by Eastbourne down 5.9% to £228,774, St Albans down 5.1% to £501,817, Watford down 3.1% to £350,868 and Conwy down 2.7% to £159,589.
‘It was an unpredictable year for house prices in 2018 and in the end, although the market only just outpaced inflation on the whole, there were still some stand out performances. Increases of 10.6% in Newport and 9.7% in Merthyr Tydfil are pretty striking when you consider the political instability that has weighed on the UK since the Brexit vote,’ said Charles Haresnape, chief executive officer of Gatehouse Bank.
‘Poor performances like that seen in Aberdeen, which fell 6.5%, are proof that the cocktail of economic uncertainty, lack of housing supply and a raft of buyer incentives and cheap borrowing are creating a heady mix of outcomes across the country,’ he explained.
‘Of course, a strong increase in one year is no guarantee of future success. Indeed, only three places in 2017’s top 10 appear in 2018’s top flight, with first place Cambridge dropping to 259th of all local authority areas last year,’ he added.