0:01 AM, 2nd January 2024, About 10 months ago
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Huddersfield has emerged as the UK’s house price hotspot in 2023, with an average increase of 8.7%, according to Halifax.
The West Yorkshire town saw its average property value rise by £22,137 to £253,301 over the year, defying the national trend of slowing growth.
Halifax, which based its findings on its mortgage approval data, said Huddersfield was followed by Bradford, Falkirk, Hillingdon and Newport as the top five areas with the highest price growth.
Bradford recorded an average increase of 8.5%t to £193,468, while Falkirk in Scotland saw a 7.2% rise to £170,031.
Hillingdon in London and Newport in Wales both achieved a 4.5 per cent growth, reaching £529,229 and £222,858 respectively.
The director of Halifax Mortgages, Kim Kinnaird, said: “Across the UK, this year’s market has been hit by the squeeze on mortgage affordability, but there’s been a big difference in how house prices have performed in towns and cities across the country.
“House prices can be swayed by many factors, from the number of homes for sale, the local jobs market, and services like education and public transport.”
She adds: “Buying a home in Huddersfield or Bradford may well have cost considerably more in 2023 than it did last year, but that’s not the case in Stoke-on-Trent, for example, which might now be offering better value for money.
“However, when buying a home is such a major financial commitment, it’s important to consider the longer-term trends.
“Many homeowners will feel reassured to know that the average UK house price remains around £40,000 higher than before the pandemic.”
However, Stoke-on-Trent experienced the sharpest decline in house prices, with a 15% drop to £174,910.
The Staffordshire city was followed by Perth in Scotland, which saw a 14.1% fall to £208,278, and Stockport in Greater Manchester, which suffered a 13.3% slump to £305,631.
Chelmsford in Essex and Livingston in Scotland also witnessed significant drops of 13%, with average prices of £417,581 and £259,090 respectively.
Halifax said that in many areas, house prices remained ‘largely static’, with minimal changes year-on-year.
Telford in Shropshire and Havering in London were among the places where the cost of homes saw values drop by less than £100.
