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Stoke-on-Trent notched up the most important progress in home costs this yr as consumers sought out extra reasonably priced areas, however Huddersfield and lots of London boroughs noticed values fall, a lender has mentioned.
Halifax unveiled its record of the most important UK regional home worth risers and fallers, with Stoke-on-Trent in Staffordshire taking the highest spot with a 17.2% soar to a mean of £227,002 within the 12 months to September 2024.
This marked a turnaround after town was the most important faller in 2023.
It was adopted intently by Slough in Berkshire with a 14.9% surge in costs to a mean of £497,704, and Oldham in Greater Manchester, which loved a 14.6% leap to £250,546, in line with the Halifax information.
Some areas of the UK… have seen exceptional home worth progress this yr, as consumers maybe hunt down extra reasonably priced areas
Amanda Bryden, Halifax head of mortgages
In an analogous reversal of fortunes, Huddersfield in West Yorkshire misplaced its place on the high of the expansion league final yr to slide to the underside in 2024, with costs down by 6.6% on common to £260,498.
It was an analogous image in Wirral, Merseyside, the place costs dropped 5.4% to a mean of £294,250.
London dominated the fallers board, with a raft of boroughs throughout the capital seeing declines as affordability was put below strain by excessive costs.
Amanda Bryden, head of mortgages at Halifax, mentioned: “Some areas of the UK – together with Stoke-on-Trent, Wolverhampton and Dunfermline – have seen exceptional home worth progress this yr, as consumers maybe hunt down extra reasonably priced areas the place home costs, regardless of will increase, are nonetheless coming in below the nationwide common.
“This development is inflicting home costs in some areas to flip from slowing, to rising, corresponding to Stoke-on-Trent, which was the most important faller final yr however confirmed the best fee of progress regionally this yr.”
She added: “The excessive asking worth for London properties means home costs have fallen in a number of boroughs – maybe a mirrored image that the comparatively excessive price of properties is stretching affordability for consumers, or maybe what they’re keen to pay.”
The previous yr has seen rates of interest reduce twice, in August and November, to finish 2024 at 4.75%, however consumers are nonetheless battling affordability as borrowing prices stay excessive and amid different cost-of-living pressures.
The analysis from Halifax confirmed that regionally, the South East of England had the slowest worth progress, at 1.8%, whereas Northern Ireland was high of the desk with 10.6%, adopted by Yorkshire and The Humber at 6.4%.
London costs rose total regardless of falls throughout numerous boroughs, up 3.6% within the yr.
Here are the highest 10 largest risers, in line with Halifax information:
(Town/native authority, area, common worth in 2024, % worth progress)
Stoke-on-Trent, West Midlands, £227,002, 17.2%Slough, South East, £497,704, 14.9%Oldham, North West, £250,546, 14.6%Bradford, Yorkshire and The Humber, £226,261, 13.1%Bolton, North West, £252,070, 12.9%Barnsley, Yorkshire and The Humber, £224,886, 12.6%Wolverhampton, West Midlands, £278,083, 12.4%Doncaster, Yorkshire and The Humber, £228,040, 11.6%Dunfermline, Scotland, £230,379, 10.8%Hamilton, Scotland, £229,835, 10.3%
Here are the highest 10 largest fallers, in line with Halifax information:
(Town/native authority, area, common worth in 2024, % worth fall)
Huddersfield, Yorkshire and The Humber, £260,498, 6.6%Wirral, North West, £294,250, 5.4%Ealing, London, £559,788, 4.9%Southwark, London, £555,325, 4.8%Kingston Upon Thames, London, £582,282, 4.2%Enfield, London, £506,667, 4.0%Harrow, London, £552,203, 3.6%Westminster, London, £730,859, 3.5%Bromley, London, £541,131, 3.2%Aylesbury, South East, £423,252, 2.8%
