House price growth in the 12 months to September 2024 was strongest in Stoke-on-Trent, which recorded a 17.2% uptick to £227,002, data from a bank found.
According to research from Halifax, house prices in the city were £33,339 higher than the same period a year ago.
This was followed by Slough, where prices increased by 14.9% or £64,510 to an average of £497,704 by September. Halifax’s research also showed that the area was popular among first-time buyers, as, in 2024, 73% of house purchases were made by new homeowners.
Oldham was the next area to see healthy house price growth, at 14.6% or £31,951 to average £250,546.
On the other end of the scale, local authorities in London accounted for seven of the 10 worst performing regions for house prices.
This included Ealing, Southwark, Bromley, Kingston upon Thames, Harrow, Enfield and Westminster, where house price falls ranged between 3.2% and 4.9% in the year to September.
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However, the area that recorded the sharpest decline in house prices was Huddersfield, with a 6.6% or £18,514 reduction to £260,498. This was followed by Wirral, which saw a 5.4% or £16,753 drop to £294,250.
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.
“That story doesn’t play out nationally. The high asking price for London properties means house prices have fallen in several boroughs – perhaps a reflection that the relatively high cost of properties is stretching affordability for buyers, or perhaps what they are willing to pay. Overall, London has a house price to earnings ratio of 8.22, making it one of the least affordable places to live in the country, against a national ratio of 6.55.”
She added: “Regionally, while the South East has seen some robust growth – in places like Basingstoke and Maidstone – overall, it is lagging behind the rest of the UK, with movement of just +1.8%, compared to +6.3% for the UK overall.
“Much like London, first-time buyers won’t find a bargain here, as the slow growth is likely a consequence of the already-high property prices, relative to the national average.”
