Halifax, Wakefield and Huddersfield among top places in UK to see highest house price increases

Three Yorkshire areas have been named in the top four places with biggest concentrations of house price rises, according to a property website.

Around two thirds (66 per cent) of homeowners saw the value of their property increase over the 12 months to May, despite tough economic conditions. Nearly one in five (18 per cent) saw a decrease in the value of their home in the 12 months to May, while for one in six (16%) the value of their property remained broadly unchanged, Zoopla found.

On average, homeowners whose home has increased in value over the year to May have seen a rise of £7,000, or £19 per day. But homeowners whose property has fallen in value over this period have seen an average fall of £7,700, or around £21 per day.

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The analysis is based on Zoopla's valuation estimate for homes across the UK. It has a "my home" tool on its website which offers people an estimate of the value of their property.

Three Yorkshire areas have ranked highly in the list, published by ZooplaThree Yorkshire areas have ranked highly in the list, published by Zoopla
Three Yorkshire areas have ranked highly in the list, published by Zoopla

Halifax topped the list for house price rises, with 67 per cent of the properties in the area seeing a rise, while Wakefield was tied second with Derby at 65 per cent. Huddersfield was fourth in the list, with 59 per cent of properties seeing a rise in value over the period. Bradford also snuck into the top 10, with 52 per cent, joint with Hereford and Carlisle.

Richard Donnell, executive director at Zoopla, said: "With a value of £10.7 trillion, the housing market is a huge part of the nation's wealth. Everyone's home has its own value and trajectory of how that value is changing over time.

"The value a homeowner can get for their home unlocks the options for their next move or impacts how good a rate they might get when they remortgage."

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According to Moneyfactscompare.co.uk, the average five-year fixed-rate homeowner mortgage on offer on Wednesday had a rate of 6.02 per cent and the average two-year fixed-rate was 6.51 per cent. Average fixed mortgage rates have recently jumped back above six per cent after previously hitting that mark last autumn, amid the market volatility that followed the mini-budget.

Mortgage rates have been jumping amid expectations that interest rates will remain higher for longer as the Bank of England tries to subdue stubbornly high inflation. Zoopla also said that in the six months to May, the areas with the highest proportion of homes going up in value were concentrated in northern England and the Midlands.

It said the highest concentrations of homes falling in value over the six months to May tended to be in coastal locations across southern England. These locations experienced a rush of buyers during the "race for space" seen during the coronavirus pandemic, which previously pushed house prices higher as people made lifestyle changes and worked from home more often.

Here are the top locations with the highest concentrations of housing value increases in the six months to May 2023, according to Zoopla, with the estimated proportions of homes with a value increase during the period:

1. Halifax, Yorkshire and the Humber, 67%

=2. Derby, East Midlands, 65%

=2. Wakefield, Yorkshire and the Humber, 65%

4. Huddersfield, Yorkshire and the Humber, 59%

5. Wolverhampton, West Midlands, 57%

6. Dorchester, South East, 56%

7. Chester, North West, 54%

8. Galashiels, Scotland, 53%

=9. Hereford, West Midlands, 52%

=9. Carlisle, North West, 52%

=9. Bradford, Yorkshire and the Humber, 52%

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Here are the top locations with the highest concentrations of housing value decreases in the six months to May 2023, according to Zoopla, with the estimated proportions of homes with a value decrease during the period:

1. West Central London, London, 68%

2. Colchester, East of England, 67%

3. Canterbury, South East, 66%

4. Kilmarnock, Scotland, 65%

5. Norwich, East of England, 64%

6. Brighton, South East, 63%

7. Southend-on-Sea, East of England, 62%

=8. Torquay, South West, 59%

=8. Truro, South West, 59%

10. Blackpool, North West, 58%