Winchester has topped the list of UK cities with the most unstable property prices, according to new research from House Buyers for You. The study, based on HM Land Registry data, revealed that Winchester saw an average yearly price increase of 9.20% between October 2023 and August 2024.
The average property cost in Winchester rose from £463,068 in 2023 to £504,693 in 2024. Semi-detached properties in the area experienced particularly steep increases, climbing from £456,507 to £497,390.
Newry ranked second with an annual property price rise of 8.90%. The average property price in the Northern Ireland city increased from £190,621 in 2023 to £202,524 in 2024.
Armagh followed in third place, recording a 7.60% increase, while Wolverhampton ranked fourth with a rise of 7.50%. Wolverhampton also reported the UK’s highest price increases for semi-detached homes and flats.
Bradford, Newcastle-upon-Tyne, Edinburgh, Belfast, Lisburn, and Wakefield completed the top 10 cities with the most unstable property prices. Bradford saw a 7.20% increase in property values, with semi-detached houses jumping from £186,851 to £200,364. Newcastle experienced a 7.10% rise, and Edinburgh saw a 6.50% increase, with the average property cost climbing from £319,475 to £339,034.
Meanwhile, Westminster was named the UK city with the most stable property prices, recording an annual decline of 6.50%. Despite the drop, the average property price in Westminster remains high at £984,294. Other cities with stable prices include Portsmouth, down 4.30%, and Lincoln, down 3.90%.
Paul Gibbens, a property expert at House Buyers for You, commented:
“It’s staggering to see the rise in property costs across the UK. The ongoing rise in property prices, coupled with the cost-of-living crisis, poses significant challenges for first-time homebuyers.
“Recent research by the English Housing Survey demonstrates that the average age of getting on the property ladder is now 32, with the average house deposit weighing in at £45,000.
“This study demonstrates the growing demand for the government to implement more policies to support first-time homebuyers in the UK, whether this involves increasing access to affordable housing and introducing further financial incentives to support younger individuals secure a deposit on a house.”
