Perth sees sharpest fall in house prices across Britain

House prices fell more sharply in Perth than in any other major town or city across Britain in 2017, according to new research by a leading bank.
Several cities saw a sharp drop in House Prices. Picture: Ian Georgeson.Several cities saw a sharp drop in House Prices. Picture: Ian Georgeson.
Several cities saw a sharp drop in House Prices. Picture: Ian Georgeson.

The value of properties in the city dropped by more than five per cent over the course of the last 12 months, with the average price decreasing by five figures.

The study, compiled by Halifax, found that several Scottish centres of population saw house prices become more affordable over the period, with four towns and cities in the top 10 list for weakest year-on-year growth.

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Perth saw the biggest fall, according the bank, with properties sold in the city fetching on average £10,126 less – a drop of 5.3 per cent – meaning that the average property is now worth £180,687

Paisley in Renfrewshire was the third lowest performing area, with the average property now worth £123,665, a fall of £4,593, or 3.6 per cent,

Dunfermline was placed joint fifth lowest in the Halifax list. Prices there decreased by £3,535, or 2.2 per cent, over the period, with the average property worth £158,442 by the year’s end.

Aberdeen, which has struggled to cope with the economic downturn and falling oil prices in recent years, also made the ‘bottom 10’, coming in at eighth place.

Although the average value of properties in the city stands at £201,270, that represents a fall of £2,155, or 1.1 per cent, over the course of the year.

By contrast, Halifax identified Cheltenham as the UK’s biggest house price “winner” over the past year. House prices there increased at nearly five times the average UK rate, at 13 per cent compared with 2.7 per cent nationally.

The seaside town of Bournemouth on the south coast experienced the second biggest rise, with an increase of 11.7 per cent, while Brighton on the south-east coast completed the top three with an 11.4 per cent rise in the past year.

Halifax’s managing director, Russell Galley, said: “The majority of towns in which house prices have dropped in the last year are situated within Scotland or Yorkshire and the Humber.

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“A number of towns and cities have recorded significant rises in house prices over the past year, with all of the top 20 performers recording growth of at least double the national average.

“Unlike last year, the top performers are not exclusive to London and the south east, with the top spot now belonging to Cheltenham.”