North West Emerges as Best Performing Region for House Price Growth in England

New figures released by the Halifax highlight the latest trends in UK house price appreciation, revealing significant disparities across different regions.

Northern Ireland maintains its position as the strongest performing nation in the UK, with house prices showing a 3.4% increase on an annual basis in April. However, this growth rate marks a slight deceleration from the previous month's 4.1%. The average property price in Northern Ireland now stands at £192,502.

Wales experienced a slowdown in annual property price growth to 1.1% in April, compared to 1.9% in March, with the average home costing £218,775.

Meanwhile, Scottish house prices saw a modest increase of 1.5% year-on-year, reaching £204,579.

In England, the North West region stands out as the best-performing area, with a robust annual growth rate of 3.3%, bringing the average property price to £231,599.

Conversely, annual price declines are predominantly observed in the south of England, maintaining the enduring 'North-South' divide across English regions. Eastern England recorded the most significant decline of 1.1%, with properties selling for an average of £329,723, marking a £3,541 drop over the past year.

Despite remaining the most expensive region in the UK, London has seen relatively stagnant prices over the last year, with a mere 0.1% increase. The average price of a home in the capital stands at £539,336.

Overall, UK house prices exhibited modest growth in April, rising by just 1.1% compared to the same period last year. The average house price now stands at £288,949. Quarterly changes show a 0.8% increase, with prices up by 0.1% on a month-on-month basis.

Amanda Bryden, head of mortgages at the Halifax, noted, "UK house prices held steady in April, rising every month by just +0.1%. Annual growth rose to +1.1%, from +0.4% in March, though this can be attributed to the base effect of weaker price growth around this time last year.”