Growth of 9.1% in 2017 puts city in top 10 for house price growth
Exeter's in the top 10 places of house price growth in 2017, according to new figures published by the Halifax.
The average Exeter home rose in value by £22,789 last year, up 9.1 per cent. And with average Exeter pay being £23,939 (source: Payscale.com), the Exeter home earned almost as much as an average worker in 2017.
Cheltenham topped the table, with rises of 13 per cent.
The average Exeter home now costs £273,874, nearly 12 times average income, making it difficult for people to get on the housing ladder.
Better news for younger people is that more of them than ever before will inherit wealth from property. A think tank called the Resolution Foundation says there's going to be an inheritance boom. Millennials in their 20s and 30s will benefit, but not till they're 61 years old on average. So it could be a long wait before they can afford property. However, for many of their parents generation, there was no such intergenerational passing on of property, because their own parents were more likely to live in privately rented property or council housing.
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