Why the Halifax area is the top-performing place for house price growth in the UK

In these areas, local economic factors are impacting demand in addition to higher mortgage rates and cost-of-living pressures.

Zoopla says that with more households priced out of the market, reducing demand is pushing prices lower, while some would-be buyers are delaying moving.

The property portal’s prediction is for a 23 per cent drop in sales volumes in 2023 compared to 2022 and a five per cent fall in property values over this year, though it is all relative as prices will still be 15 per cent higher than pre-pandemic levels.

Zoopla adds that buyers are also shifting to buying smaller, lower value homes. As a result, new sales of three and four bedroom family homes were down by up to 41 per cent last month when compared to the same time period over the last five years, though that, of course includes the exceptional boom during the pandemic, which was atypical.

All of the above makes the price performance in the Halifax district all the more remarkable. The HX postcode district includes Halifax, Elland, Sowerby Bridge, Hebden Bridge and surrounding villages.

Zoopla’s data show the average sold price for a property in Halifax over the last 12 months is £170,541. The average detached house sold for £378,229, semi-detached homes sold for £197,080, terraced houses for £128,395 and flats for £137,061.

Ben Waites, director of Halifax based Charnock Bates estate agency, is not surprised that the “Fax” and its environs have seen a leap in property prices, though he adds that, like everywhere else, the upward trajectory is starting to wane slightly due to budget pressures.

One of the most significant impacts on the HX area in the last few years has been the interest stirred by TV series filmed there, including stratospherically popular Gentleman Jack and Happy Valley, which has helped attract visitors from across Britain and beyond.

Most recently, Shane Meadows’s TV drama The Gallows Pole, based on Ben Myers book about the Cragg Vale Coiners, thrust the area into the spotlight and highlighted its wild beauty and there’s more to come.

In May this year, the film crews were out in Halifax town centre filming an adaptation of the Amor Towles book “A Gentleman In Moscow” starring Ewan McGregor and Michelle Keegan was in Halifax last weekend filming for the new Netflix TV series Fool Me Once.

The other big draw that has helped turn buyers on to the area is The Piece Hall where the magnificent architecture, independent shops and great gigs bring in people from across Britain.

Ben Waites says: “We are seeing a lot of people from outside the area moving here and the last three properties we sold were to people moving up here from London. The ability to work from home is a big driver and some of those coming up have family here. Others have visited after seeing the area on TV or they have been here to see the Piece Hall and other attractions and liked what they have seen.”

He adds that the fact that the Halifax area has easy access to the M62 leading to Leeds and Manchester within half an hour, depending on the time of day, is also a draw as are the railway stations in Halifax, Sowerby Bridge and Hebden Bridge, which also have services to those major cities.

A new railway station at Elland has also been granted planning permission with work expected to start in 2024 and complete in late 2025.

“We are seeing a lot of people moving here from Leeds and Manchester because prices there have shot up and buyers can get a lot more for their money here, plus the quality of life is good,” says Ben, who adds that the schools, both fee-paying and state are a draw.

Hipperholme, which is a short drive from the M62, along with Northowram and Skircoat Green have been hugely popular over the last couple of years.

For value for money then Sowerby Bridge is a great bet. You can still find attractive three-bedroom terraced homes there for between £90,000 and £110,000 and semis from £170,000.

“Semis and detached homes are in most demand,” says Ben. “Young people are getting on the property ladder later and they are looking for family size homes with a garden and parking.”