Halifax’s latest analysis of UK house prices reveals Huddersfield as the top performer in 2023, with an 8.7% increase in average house prices, amounting to over £20,000.
In contrast, Stoke-on-Trent experienced the most significant decline, with house prices falling by approximately £31,000, a 15.0% drop. Some areas, like Telford, saw no significant change in house prices.
Data from Halifax and Bank of Scotland mortgage approvals between October 2022 and October 2023 indicates varied trends across different regions.
Bradford also saw a significant rise in house prices, with an 8.5% increase, equating to over £15,000.
On the other end, Perth in Scotland followed Stoke-on-Trent with a substantial decrease in average house prices.
Kim Kinnaird, director at Halifax Mortgages, commented on these trends, saying: “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.”
