Revealed! The areas where house prices grew in 2023

House prices may have slumped for most of the year but some areas have bucked the trend.

Analysis by Halifax shows that Huddersfield weathered the UK’s house price downturn best over the year, as homes in the area rose 8.7% annually.

The figures, which looked at Halifax and Bank of Scotland mortgage approvals in the 12 months to October 2023 compared with the 12 months to October 2022, also found that homes in Bradford rose by 8.5%.
 

The largest fall in average house prices was in Stoke-on-Trent followed by Perth in Scotland.

However, in many areas house prices remained largely static. Telford and Havering saw the cost of homes stabilise over the course of 2023, changing value by less than £100. 

Kim Kinnaird, director of Halifax Mortgages, 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. 

 “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.”

Commenting on the report, Nathan Emerson, chief executive of Propertymark, said: "When the housing market is on the receiving end of high inflation and interest rates, it is inevitable that the market becomes more fragmented than usual with some geographical areas performing better than others. 

“While it has been an extremely challenging year overall, it’s not all doom and gloom and some parts of UK have maintained stability with house prices, whilst some homeowners have actually seen their homes increase in value.”