According to fresh research conducted by Halifax, house price growth in Luton was surprisingly recorded as being the highest of any major UK town and city in 2016 in terms of the percentage rise in house prices, with figures being 19.4% higher in the town compared to 2015.
The results of the research were based on Halifax’s own house price data, and it showed that the house prices had risen to an impressive £256,636 from 2015’s £214,934, which is incredibly an increase more than two and a half times the size of the UK’s 7.5% increase as a whole.
Luton is an ideal town for people who are wishing to live and commute to work in London, with the town being situated in Bedfordshire and therefore being an ideal distance for commuting to the Capital, and the appeal is also helped out by the fact that the house prices are relatively cheap compared to other areas surrounding the city.
“Most of the areas that have seen the biggest house price rises during 2016 are either within close commuting distance of the capital or in outer London” commented Martin Ellis, the housing economist at Halifax. “Demand in these areas has risen as substantial property price rises in central London over the last few years have caused increasing numbers of people to seek property in more affordable areas.”
Other locations that came up in Halifax’s research were Barking & Dagenham and Dunstable which made up the top three areas for price growth, with average house price rises of 18.6% and 17.9% respectively, and only a small number of towns reportedly recorded declines in house prices for 2016.
So now 2017 is underway, it is unclear which towns or cities will come out on top of polls such as this come the beginning of next year, so we shall have to wait and see how the year develops.