In a year marked by varied housing market performances, Huddersfield has emerged as the unexpected champion, witnessing an impressive 8.7% surge in average property prices, according to data released by Halifax.
The West Yorkshire town defied the national trend of slowing growth, with its average property value climbing by £22,137, reaching an impressive £253,301 over the course of the year.
Halifax’s analysis, based on mortgage approval data, revealed that Huddersfield was trailed by Bradford, Falkirk, Hillingdon, and Newport, securing positions among the top five areas with the highest price growth.
Bradford experienced an 8.5% uptick, elevating average prices to £193,468, while Falkirk in Scotland observed a 7.2% rise, reaching £170,031.
Hillingdon in London and Newport in Wales both achieved a 4.5% growth, hitting £529,229 and £222,858, respectively.
However, Halifax’s Director of Mortgages, Kim Kinnaird, highlighted the market’s challenges, citing the squeeze on mortgage affordability as a contributing factor to the varied growth rates across regions.
“House prices can be swayed by many factors, from the number of homes for sale to the local jobs market and services like education and public transport,” Kinnaird explained.
Kinnaird emphasized the significance of considering longer-term trends in purchasing decisions, noting the reassurance for many homeowners in the knowledge that the average UK house price remains substantially higher—around £40,000—than pre-pandemic levels.
Despite the overall positive trends, certain areas faced notable declines in house prices. Stoke-on-Trent experienced the steepest decline, witnessing a 15% drop to an average of £174,910. Following closely were Perth in Scotland, with a 14.1% fall to £208,278, and Stockport in Greater Manchester, suffering a 13.3% slump to £305,631.
Chelmsford in Essex and Livingston in Scotland also witnessed significant drops of 13%, with average prices recorded at £417,581 and £259,090, respectively.
Halifax’s report highlighted several areas where house prices remained largely static, with minimal year-on-year changes. Telford in Shropshire and Havering in London were among these regions, experiencing drops in home values by less than £100.
The dynamics in house price shifts across various regions underscore the nuanced and localized nature of the UK’s housing market, impacted by diverse economic, social, and affordability factors.