New research from Halifax reveals that more than 70 local authority areas in Britain have seen an average increase in house prices over the past year, countering the national downward trend.
Halifax’s analysis, based on data from the Halifax House Price Index, compared house prices in over 300 local authority areas from September this year to the same period in 2022.
Nationally, house prices have fallen by 3.9% over the last year, attributed to higher interest rates affecting mortgage affordability and subsequently reducing demand.
However, this national trend conceals significant local variations, with several areas experiencing substantial property price growth in 2023.
Leading the growth is Powys in Wales, with a 17.4% annual increase in house prices. This is followed by East Lindsey in the East Midlands, recording a 13.3% rise, and Moray in Scotland, where prices have gone up by 10.7%.
These areas, known for their scenic landscapes and rural settings, have shown resilience in the face of broader market challenges.
Kim Kinnaird, director at Halifax Mortgages, said: “While at a national level the current squeeze on mortgage affordability has seen property prices fall over the last year, in many regions there remain pockets of house price growth.
“Many of the places highlighted in our research also benefit from more remote or rural surroundings and incorporate areas of outstanding natural beauty.
“These are traits which continue to be desirable for prospective homeowners, bucking the trend of the wider performance of the housing market.”
Jeremy Leaf, a north London estate agent and former RICS residential chairman, added: “These numbers are interesting because they show the pattern of values in different areas and how markets are not the same.
“There is no real substitute for studying the market and area you are interested in carefully because it may well be in front of, or behind, the national average or pattern.
“The market is made up of many different micro markets, producing different results, which is why it is so important to do the groundwork.”
