Stoke-on-Trent experienced the biggest annual house price growth in the UK, while Huddersfield had the biggest decline, according to mortgage lender Halifax.
The average house price in Staffordshire jumped by 17.2% or £33,000 in the 12 months to September, to £227,002 as buyers sought more affordable options against jaw-droppingly high mortgage costs.
The place with the second biggest house price increase in Berkshire was Slough, where the average property price rose by 14.9% to £497,704, up more than £64,000, while in Oldham in Greater Manchester the cost of a house increased by 14.6% to £250,546.
Research from Halifax earlier this year found more than seven in 10 (73%) house purchases in Slough were made by first-time buyers.
At the other end of the scale, Huddersfield has posted a 6.6% decline over the 12 months to September, equivalent to a loss of £18,514. Huddersfield it was made to the table at the top of the yearwith an average increase in house prices of 8.7%, which means that house values in the area have risen overall over the past two years.
More London There are also boroughs where house prices are falling this year, including Ealing, Southwark, Harrow and Westminster.
Westminster in west London still has some of the highest prices in the region, though at an average of £730,589, which is down 3.6% from a year ago.
Amanda Bryden, head of Halifax Mortgage, said: “Some areas of the UK – including Stoke-on-Trent, Wolverhampton and Dunfermline – have seen a surprising increase in house prices this year, so buyers may be looking for affordable areas where house prices, although increasing, are still below average This trend is causing house prices to reverse in some areas, to grow, such as Stoke-on-Trent, which last year was the biggest hit. it was, but it showed the greatest growth, regionally, this year.
By contrast, in London, the high asking price of properties means that house prices have fallen in several boroughs, perhaps a reflection that property costs tend to be relatively affordable for buyers, or what they are willing to pay, he said. Overall, London has a house price per wage of 8.22, one of the least affordable places to live in the country against the national average of 6.55.
In the south-east growth was robust in areas such as Basingstoke and Maidstone, but overall lagged behind the rest of the UK, with growth of 1.8%, compared with 6.3% for the UK as a whole.
“For most of London, first-time buyers are not here, so slow growth is likely to result in property prices that are already high, compared to the national average,” Bryden said.
Despite rising mortgage and rent costs, the UK housing market has been “surprisingly soft” this year, according to the National Building Society. Average home prices are estimated to have risen more than 3%, according to lenders and real estate agents, after falling 1.4% in 2023.
Looking forward to the new year, house prices are up predicted to grow at a similar or slightly faster rate in 2015 – before accelerating as much as 5.5% in 2026 – when record rent increases are likely to return to more normal levels, experts predict.
Top 10 UK cities and towns with the highest house price growth from 2023 to 2024
(Source: Halifax)
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Stoke-on-Trent £227,002 +17.2 %
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get rid of £497,704 +14.9%
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Oldham £250,546 14.6%
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Bradford £226,261 +13.1%
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Bolton £252,070 +12.9%
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Barnsley £224,886 +12.6%
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Wolverhampton £278,083 +12.4%
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Doncaster £228,040 +11.6%
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Dunfermline £230,379 + 10.8%
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Hamilton £229,835 +10.3%
Top 10 UK towns and cities with the lowest age house price growth 2023 to 2024
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Huddersfield £260,498 -6.6%
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Wirral £294,250 -5.4%
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Ealing £559,788 -4.9%
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Southwark £55,325 -4.8%
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Kyngeston upon Thames £582,282 -4.2%
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Enfield £506,667 -4%
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Harrow £552,203 -3.6%
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Westminster £730,859 -3.6%
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Bromley £541,131 -3.2%
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Aylesbury £423,252 -2.8%