Stoke leads house prices higher while London languishes – report

Stoke-on-Trent notched up the most important development in home costs this yr as patrons sought out extra reasonably priced places, however Huddersfield and lots of London boroughs noticed values fall, a lender has stated.

Halifax unveiled its listing 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% bounce to a median of £227,002 within the 12 months to September 2024.

This marked a turnaround after the town was the most important faller in 2023.

It was adopted carefully by Slough in Berkshire with a 14.9% surge in costs to a median of £497,704, and Oldham in Better Manchester, which loved a 14.6% leap to £250,546, in keeping with the Halifax information.

In the same 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 the same image in Wirral, Merseyside, the place costs dropped 5.4% to a median of £294,250.

London dominated the fallers board, with a raft of boroughs throughout the capital seeing declines as affordability was put below stress by excessive costs.

Amanda Bryden, head of mortgages at Halifax, stated: “Some areas of the UK – together with Stoke-on-Trent, Wolverhampton and Dunfermline – have seen outstanding home worth development this yr, as patrons 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, reminiscent of Stoke-on-Trent, which was the most important faller final yr however confirmed the very best fee of development 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 patrons, or maybe what they’re keen to pay.”

The previous yr has seen rates of interest lower twice, in August and November, to finish 2024 at 4.75%, however patrons are nonetheless scuffling with 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 development, at 1.8%, whereas Northern Eire 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 quite a lot of boroughs, up 3.6% within the yr.

Listed below are the highest 10 largest risers, in keeping with Halifax information:

(City/native authority, area, common worth in 2024, % worth development)

Stoke-on-Trent, West Midlands, £227,002, 17.2percentSlough, South East, £497,704, 14.9percentOldham, North West, £250,546, 14.6percentBradford, Yorkshire and The Humber, £226,261, 13.1percentBolton, North West, £252,070, 12.9percentBarnsley, Yorkshire and The Humber, £224,886, 12.6percentWolverhampton, West Midlands, £278,083, 12.4percentDoncaster, Yorkshire and The Humber, £228,040, 11.6percentDunfermline, Scotland, £230,379, 10.8percentHamilton, Scotland, £229,835, 10.3%

Listed below are the highest 10 largest fallers, in keeping with Halifax information:

(City/native authority, area, common worth in 2024, % worth fall)

Huddersfield, Yorkshire and The Humber, £260,498, 6.6percentWirral, North West, £294,250, 5.4percentEaling, London, £559,788, 4.9percentSouthwark, London, £555,325, 4.8percentKingston Upon Thames, London, £582,282, 4.2percentEnfield, London, £506,667, 4.0percentHarrow, London, £552,203, 3.6percentWestminster, London, £730,859, 3.5percentBromley, London, £541,131, 3.2percentAylesbury, South East, £423,252, 2.8%