How the housing market performed in 2017

As 2017 comes to a close, here’s a round-up of the regions that witnessed the biggest house price growth over the year, as well as where property is selling the fastest and the cities that are proving the most popular with buyers and renters.

House price growth may have slowed for most of the country but it has remained strong in the lower value areas of the market, according to new data from property website Rightmove.

“Although prices have grown at a muted rate or 1.2% nationally this year, there are a number of local markets where strong demand and short supply has led to pretty heady price rises, especially where homes are relatively more affordable than some of their nearby cities,” says Miles Shipside, spokesperson for Rightmove.

In terms of popularity, Bristol has come out on top with the most searches on Rightmove for both house purchases and rentals.

But, it is Scotland that has enjoyed the fastest moving market with four entries in the top 10 for the shortest time between a property being listed and going under offer.

The 10 biggest house price rises

If you live in Sudbury in Suffolk your house has had a good year. The region has enjoyed the biggest rise in house prices in 2017 with the average asking price rising by 13.1%, according to Rightmove.

That is well above the national average of just 1.2%.

“Sudbury ticks all the boxes in terms of location, standard of living, mix of attractive properties and wealth of amenities,” says Dan Gurney, area manager of William H Brown estate agents in Sudbury.

“It’s a thriving market town with picturesque countryside on its doorstep so, all combined, it’s no surprise that it tops the table for price growth.”

The biggest price rises occurred in areas with traditionally low house prices with asking prices well below the national average of £302,865.

West Yorkshire makes it onto the list twice with Sowerby Bridge and Todmorden both in the top five for house price growth.

“Popularity for Sowerby Bridge continues to grow. It’s become a highly desirable village to live in, providing an affordable alternative to nearby, trendy Hebden Village,” says Stephen Revell, branch manager at William H Brown Estate Agents in Sowerby Bridge.

“Buyers are certainly cottoning on to the fact that, in this location, you get a lot more property for your money without compromising on lifestyle and facilities.”

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Scotland tops the tables for fast sales

Property is flying off the shelves in Livingston in West Lothian with the average home finding a buyer in just 23 days, a week faster than in 2016. The national average is almost treble that at 67 days, measured from when the property was first listed on Rightmove to it being marked by agents as ‘under offer’ or ‘sold subject to contract’.

“Livingston has become extremely popular with people working in Edinburgh as it’s more affordable and there are trains that can get you in to the centre within 30 minutes, adding to an already buoyant local market,” says Simon Thomas, owner of RE/MAX Estate Agents in Livingston.

“Supply has been quite tight which has led to buyers finding themselves up against a lot of competition to secure the home they want, which has led to properties selling more quickly than before.”

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South of the border, it is Corby and Kettering in Northamptonshire along with Coventry where houses are shifting the fastest with an average of just 35 days between them coming on the market and going under offer.

Bristol wins the popularity vote

When it comes to popularity, Bristol has come out on top as the most-searched-for place outside of London this year for both buying and renting. It’s closely followed by York on buyer searches and Birmingham on rental searches.

“Bristol has grown in popularity in recent times for many reasons, employment is high and the property market is strong,” says Sam Riddell, senior branch manager of Andrews Property Group in Bishopston, Bristol.

“However, it is the diverse culture of the city which has the most draw for people migrating to Bristol. From the many festivals each year to the street art we are famous for, Bristol has it all.”