Over the past year, we’ve seen house prices decline in general, but some regions of the UK have seen prices move in a positive direction. Read more…
Despite average house prices falling by 3.9% over the past year, some areas in the UK have bucked the trend and seen rising property prices.
According to Halifax, more than 70 areas have seen rising prices over the past 12 months. The figures from the Halifax House Price Index looked at typical house prices in over 300 local authority areas in Britain in the three months until September 2023. These prices were then compared to the equivalent figures from 2022.
Areas where house prices went up
Powys in Wales showed annual house price growth of 17.4%, while East Lindsey in East Midlands saw prices rise by 13.3%.
Other areas where prices grew included Moray in Scotland, where prices went up by 10.7%, Babergh in Eastern England, where prices went up by 10.3%, Sunderland, which saw prices rise by 8.9% and Ealing in West London, which saw prices go up by 7.5%.
So why are some areas prone to price rises when most regions have declined? Kim Kinnaird, Director, Halifax Mortgages, says: ‘There are multiple factors which can impact house prices in your local area, ranging from a mix of properties available and the extent of any new housing, to the quality of schools and abundance of job opportunities.’
Differences in the housing market
Kinnaird adds: ‘What’s clear is that the UK housing market is not a single entity that performs in a uniform way across the country. There are differences. While at a national level, the current squeeze on mortgage affordability has seen property prices fall over the last year, in many regions there remains pockets of house price growth. While a limited supply of properties for sale could be a factor, this also suggests that, in some areas, local market activity and demand among buyers remains strong.’