Halifax reveals 70 property markets bucking downward UK trend
Powys in Wales has seen the strongest growth over the last 12 months, East Lindsey tops the list for England and Moray takes Scotish crown.
Average UK house prices have fallen by -3.9% over the last year but more than 70 local propety markets have bucked the national trend with rising property prices, new data from Halifax reveals today.
Powys in Wales has seen the strongest growth over the last 12 months (+17.4%) while East Lindsey, in East Midlands, tops the list for England (+13.3%) and Moray has seen the highest property price inflation in Scotland (+10.7%).
property markets
The property markets analysis – based on data from the Halifax House Price Index – looked at typical house prices in more than 300 Local Authority Areas across Britian in the three months up to September this year and compared them to the equivalent figures from 2022.
At a UK level, house prices are down by -3.9% over the last year, with higher interest rates impacting on mortgage affordability, which has fed through to lower demand among would be buyers.
Kim Kinnaird, Director, Halifax Mortgages, says: “There are multiple factors which can impact house prices in your local area, ranging from the mix of properties available and the extent of any new housing, to the quality of schools and abundance of job opportunities.
“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.
“While a limited supply of properties for sale could be a factor, this also suggests in some areas, local market activity – and demand among buyers – remains strong.
“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.”
CLOSING THE GAP
Tom Bill, head of UK residential research at Knight Frank, says: “The UK is made up of tens of thousands of individual housing markets, which means price growth can also diverge between two areas in the same local authority.
“Broadly speaking, more affordable parts of the country are gradually closing the gap with London, where affordability is at its most stretched.
“The gap will get narrower without closing as buyers look beyond the capital for better value. The more important point for anyone interpreting house prices at the moment, is that fewer transactions can distort the data.
“The underlying health of the housing market is not necessarily gauged by what is happening to house prices but rather transaction volumes, which are down by more than a fifth.”
RURAL LIVING
And Nigel Bishop of buying agency Recoco Property Search, adds: “An increasing number of house hunters discover the upsides of rural living and favour areas that not only sit within close proximity of parks but also offer a community feel and an array of lifestyle choices.
“It’s particularly city dwellers as well as young families, who wish to raise their children in a more quaint environment, that are driving this demand for properties in a more rural setting.
“Boutique towns and villages with restaurants, cafés, entertainment as well as sporting facilities are especially sought-after which has resulted in property prices in such locations to go up.”
Main picture: Brecon in Powys, Wales.