Stoke-on-Trent tops the UK’s house price growth chart

House prices in Stoke-on-Trent rocketed by 17.2% in the year to September, according to the latest Halifax data, solidifying its position as the UK’s leading area for house price growth.

Slough followed closely with a 14.9% increase, and Oldham saw a 14.6% rise in home costs.

The Halifax research previously revealed that more than 73% of home purchases in Slough were made by first-time buyers.

‘Remarkable house price growth this year’

Amanda Bryden, the lender’s head of mortgages, said: “Some areas of the UK – including Stoke-on-Trent, Wolverhampton and Dunfermline – have seen remarkable house price growth this year, as buyers perhaps seek out more affordable areas where house prices, despite increases, are still coming in under the national average.

“This trend is causing house prices in some areas to flip from slowing, to growing, such as Stoke-on-Trent, which was the biggest faller last year but showed the highest rate of growth, regionally, this year.”

She added: “That story doesn’t play out nationally.

“The high asking price for London properties means house prices have fallen in several boroughs – perhaps a reflection that the relatively high cost of properties is stretching affordability for buyers, or perhaps what they are willing to pay. ”

The data shows that London has a house price to earnings ratio of 8.22, making it one of the least affordable places to live in the country, against a national ratio of 6.55.

House price growth table

However, Huddersfield, which topped the house price growth table in 2023, saw a big 6.6% decline in home values during the same period with a £18,514 drop.

This price drop should be seen in context, Halifax says, since the town came top last year with an average growth 8.7% which means that house prices have risen overall in two years.

Properties in the South East recorded the smallest percentage growth in average house prices at 1.8%, while the UK average reached 6.3%.

Several London boroughs also experienced some of the lowest house price growth over the period, including Ealing, Southwark and Harrow.

Ms Brydon said: “Regionally, while the South East has seen some robust growth – in places like Basingstoke and Maidstone, overall, it is lagging behind the rest of the UK, with movement of just 1.8%, compared to +6.3% for the UK overall.

“Much like London, first-time buyers won’t find a bargain here, as the slow growth is likely a consequence of the already-high property prices, relative to the national average.”

‘The needs of home movers evolve’

Propertymark’s chief executive, Nathan Emerson, said: “As the needs of home movers evolve, the necessity to be in a particular location for what once might have been employment related has very much changed.

“We have witnessed a notable shift allowing people to consider similar benefits and amenities which are important to many homeowners and potentially save considerable sums of money in doing so.”

He added: “When looking at average house price across the West Midlands as an example, and despite strong growth in this region, a typical property costs around £188k less than a location such as Aylesbury.

“When you compare such facts side by side, its natural people are looking at the buying and selling process with a very cost conscious and savvy approach.”

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