A MAP has revealed where UK house prices have risen the most and least in 2024.
The value of a typical home hit a record high of £293,999 in November, according to Halifax, the nation’s biggest mortgage lender.
This is 3.9% higher than last year, when a typical house was worth £283,053 – £10,946 less than it is now.
Property prices stalled for more than two and a half years as higher mortgage rates made it harder for households to afford to move and take on a higher mortgage.
However, a closer look at the regional picture reveals a stark contrast in property price trends across the UK over the past year.
Property prices have surged by over 17% in some areas, adding more than £33,000 to the value of a typical home.
In others, values have plummeted by as much as 6.6%, leaving homeowners over £18,000 worse off.
If you live in Stoke-on-Trent, Slough or Oldham, then you could be one of the big winners.
But if you live in Huddersfield or one of several London Boroughs, you may have missed out.
To find the areas of the UK where house prices have risen the most, Halifax analysed its own sales data for the 12 months to September in 2023 and 2024.
Here, we reveal the 10 house price hotspots this year – and those where prices have plummeted.
House prices in Stoke-on-Trent have seen a remarkable increase of 17.2% over the 12 months to September 2024, according to the latest data from Halifax.
This surge makes Stoke-on-Trent the best performing area in the UK for house price growth.
Trailing behind Stoke-on-Trent, Slough experienced a rise of 14.9% in house prices, while Oldham saw an increase of 14.6%.
Earlier research from Halifax indicated that over 70% of house purchases in Slough were made by first-time buyers, suggesting a strong demand in the area.
Amanda Bryden, head of mortgages at Halifax, said: “Some areas of the UK – including Stoke-on-Trent, Wolverhampton and Dunfermline – have seen remarkable house price growth this year, as buyers perhaps seek out more affordable areas where house prices, despite increases, are still coming in under the national average.
“This trend is causing house prices in some areas to flip from slowing, to growing, such as Stoke-on-Trent, which was the biggest faller last year but showed the highest rate of growth, regionally, this year.”
However, Amanda warned that this story doesn’t play out nationally.
Huddersfield recorded the most significant drop in house prices, with a decline of 6.6% over the same period, equivalent to an £18,514 reduction.
This decline follows Huddersfield’s position at the top of the house price growth table in 2023, where it saw an average increase of 8.7%.
Despite this year’s fall, house prices in Huddersfield have still risen over the two-year period.
Several London boroughs, including Ealing, Southwark, and Harrow, also reported some of the lowest house price growth rates during this period.
Ealing’s average house price fell from £588,383 in 2023 to £559,788 in 2024, marking a decrease of £28,596 or 4.9%.
Similarly, Southwark saw a decline of £27,878, with average house prices dropping from £583,203 to £555,325, equating to a 4.8% reduction.
Harrow also witnessed a notable decrease, with house prices falling from £572,921 to £552,203, a reduction of £20,718 or 3.6%.
Other London boroughs also featured prominently in the list of areas with the lowest house price growth.
Kingston Upon Thames saw a 4.2% fall, with average prices dropping from £607,522 to £582,282, a decrease of £25,240.
Enfield experienced a 4.0% decline, with house prices falling from £527,807 to £506,667, a reduction of £21,140.
Westminster and Bromley also recorded declines of 3.5% and 3.2%, respectively.
Aylesbury in the South East was another area with low house price growth, experiencing a 2.8% decrease.
The average house price fell from £435,416 in 2023 to £423,252 in 2024, a reduction of £12,164.
Regional house prices across the UK have shown significant variation over the past year.
Northern Ireland led the way with an impressive 10.6% increase in average house prices, rising from £203,724 in 2023 to £225,271 in 2024, a gain of £21,547.
Yorkshire and The Humber also experienced robust growth, with prices climbing by 6.4%, from £245,214 to £260,946, an increase of £15,731.
The West Midlands saw a similar trend, with house prices rising by 6.3%, from £281,510 to £299,318, a gain of £17,807.
In contrast, the South East exhibited the smallest percentage growth in house prices, with a modest increase of 1.8%.
Average prices in the region rose from £440,509 in 2023 to £448,456 in 2024, a gain of £7,947.
London, despite being one of the least affordable regions, saw a 3.6% increase in house prices, rising from £551,673 to £571,583, an increase of £19,910.
Overall, the UK saw an average house price growth of 6.3%, with prices increasing from £329,444 to £350,066, a gain of £20,622.
It’s difficult to predict what will happen to house prices in 2025 as there are so many factors involved.
Building Society Nationwide has said it expects to see a greater demand in the first three months of next year as buyers look to secure a home before the stamp duty hike.
Alice Haine, personal finance analyst at Bestinvest, said: “The decision not to extend the current relief on stamp duty is likely to lead to an uptick in house prices over the next four months as buyers race to secure a deal before the deadline to avoid a bigger tax bill.
“Prices may be more muted from April, though the prospect of further interest rate cuts may support the market if affordability levels continue to improve.”
Meanwhile, Zoopla has said it expects property values to increase by 2.5% on average during 2025, based on certain assumptions around mortgage rates.
House prices in the Midlands, northern England, Scotland and Wales are likely to outperform the UK average next year, the property website said.
Meanwhile, home prices in southern England, where property affordability pressures are more acute, will lag behind, according to the forecast.
Rightmove expects asking prices to increase by 4% across 2025, but it cautioned that the market remains price-sensitive, and seller competition is at its highest level for a decade.
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