House prices have risen in 70 areas of the UK

More than 70 local authority areas have seen average house prices rise over the last year, bucking the national trend, according to new research released by Halifax. The analysis looked at typical house prices in more than 300 local authority areas across Britain 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 per cent over the last year, with higher interest rates impacting on mortgage affordability, which has fed through to lower demand among would-be buyers.

However, that national picture masks some big variations in house price performance at a local level across the country, with a number of locations posting strong growth in property prices during 2023.

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Top of the list is Powys, with annual house price growth of +17.4 per cent. Powys is the largest but least densely populated county in Wales and is known for its villages and market towns, and a stunning landscape of valleys and mountains, including most of Brecon Beacons National Park.

House prices have risen in 70 areasHouse prices have risen in 70 areas
House prices have risen in 70 areas

Next is East Lindsey, where prices are up by 13.3 per cent. It flanks the east coast of Lincolnshire and is home to the Lincolnshire Wolds, an Area of Outstanding Natural Beauty. Making up the top three is Moray, which has seen the biggest increase in house prices in Scotland over the last year, up 10.7 per cent. Another largely rural area, it features an array of top golf courses and many of Scotland’s whisky distilleries. It also takes in part of the Cairngorms National Park and a colony of bottle-nose dolphins living in the Moray Firth.

The other areas in the top ten places where prices have risen are Babergh in the East of England is up 10.3 per cent; Sunderland up 8.9 per cent; Ealing up 7.5 per cent; Westminster 7.4 per cent; Bolsover 7.2 per cent; Cumberland 6.7 per cent and Rossendale, 6.7 per cent.


Kim Kinnaird, Director, Halifax Mortgages, said: “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.

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“What’s clear is that the UK housing market is not a single-entity that performs in a uniform way across the country, there are differences. 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.”

The regional house price table for the third quarter of the year saw every region post a decline in house price growth. The South East saw the highest price fall over this period with a 5.7 per cent drop. Yorkshire fared much better with a 2.8 per cent fall, the third lowest decline. While the the North East posted a 1.9 per cent drop and the North West a 2.4 per cent decline.