Despite the broader housing market slowdown, residential property prices in specific regions of Britain have demonstrated robust growth over the past year, per Halifax's latest findings.
Diverse Regional Trends:
Analysing over 300 local authority areas during Q3 2023, Halifax's house price index compared data from last year's corresponding period. Surprisingly, more than 70 areas witnessed a surge in house prices, challenging the national downward trend. This intriguing pattern emphasises the diverse nature of the UK housing market.
Notable Regional Performances:
The Brecon Beacons, Powys, in Wales, is leading the pack in house price growth, with an impressive average increase of 17.4% year-on-year. Kim Kinnaird, director at Halifax Mortgages, attributes this growth to various local factors, including property mix, new housing developments, school quality, and job opportunities.
Top 10 Local Areas with Strongest Growth:
Powys, Wales: +17.4%
East Lindsey, East Midlands: +13.3%
Moray, Scotland: +10.7%
Babergh, Eastern England: +10.3%
Sunderland, North East: +8.9%
Ealing, London: +7.5%
Westminster/City of London, London: +7.4%
Bolsover, East Midlands: +7.2%
=9. Cumberland, North West: +6.7%
=9. Rossendale, North West: +6.7%
Insights and Perspectives:
Commenting on the data, industry experts share diverse perspectives. Tom Bill, head of UK residential research at Knight Frank, emphasises the UK's mosaic of housing markets, with price growth diverging between regions. Nigel Bishop of Recoco Property Search highlights the growing appeal of rural living, especially among city dwellers and young families.
Beyond Property Prices:
The blog underscores the importance of studying various market indicators beyond prices, including transaction volumes, discount to asking price, time on the market, and supply and demand dynamics.