Home costs could have slumped during the last yr however there are particular hotspots within the UK the place values have really elevated.
Halifax, which publishes a month-to-month house price index in addition to offering mortgages, has recognized 70 native areas which bucked the nationwide pattern with rising property costs.
Areas embrace Powys in Wales, which has seen the strongest progress within the final yr with costs hovering by 17.4%.
East Lindsey within the East Midlands noticed the very best progress in England with the common dwelling rising in worth by 13.3%.
In the meantime, in Scotland, Moray topped the home worth hike listing, with its properties seeing a typical rise of 10.7%.
These rises have all occurred in the identical time that costs, UK-wide, have dropped by 3.9% based on Halifax.
Kim Kinnaird, director, Halifax Mortgages, defined how, in some areas, the native image was so vastly totally different to the nationwide one.
“There are a number of components which may affect home costs in your native space,” she stated, “starting from the combination of properties out there and the extent of any new housing, to the standard of colleges and abundance of job alternatives.
“What’s clear is that the UK housing market shouldn’t be a single entity that performs in a uniform method throughout the nation, there are variations.
“Whereas at a nationwide degree the present squeeze on mortgage affordability has seen property costs fall during the last yr, in lots of areas there stay pockets of home worth progress.
“Whereas a restricted provide of properties on the market may very well be an element, this additionally suggests in some areas, native market exercise – and demand amongst consumers – stays sturdy.”
Rural theme – how the countryside is extra fascinating
One frequent denominator working by way of most of the locations which have skilled worth rises is their scenario.
Kinnaird stated many benefited from extra distant or rural surroundings and integrated areas of excellent pure magnificence.
“These are traits which proceed to be fascinating for potential householders, bucking the pattern of the broader efficiency of the housing market,” she added.
Not all areas have been rural with some areas of London additionally that includes within the high ten – Ealing and Westminster/Metropolis of London skilled worth hikes of seven.5% and seven.4% respectively.
Prime ten home worth hikes by space (Supply: Halifax)
|Native authority space||Nation/area||Home worth Q3 2022||Home worth Q3 2023||Annual % change||Annual £
|East Lindsey||East Midlands||£194,533||£220,421||+13.3%||£25,888|
|Westminster / Metropolis of London||London||£714,242||£767,350||+7.4%||£53,108|
Home worth hike hotspots
The lowdown on the highest three areas experiencing home worth rises within the final yr – right here’s Halifax’s description of every space…
Powys – 17.4% home worth progress
The most important however least densely populated county in Wales, Powys is understood for its villages and market cities. It contains a gorgeous panorama of valleys and mountains, together with most of Brecon Beacons Nationwide Park. Newtown, also referred to as ‘Y Drenewydd’ in Welsh, is the biggest city in Powys.
East Lindsey – 13.3% home worth progress
Flanking the east coast of Lincolnshire, it’s dwelling to the Lincolnshire Wolds, an Space of Excellent Pure Magnificence (AONB). It additionally options the award-winning Blue Flag seashores of Skegness, Mablethorpe and Sutton-on-Sea.
Moray – 10.7% home worth progress
Once more, it is a largely rural space, which options an array of high golf programs and plenty of of Scotland’s whisky distilleries. Additionally taking in a part of the Cairngorms Nationwide Park, it’s equally well-known for its colony of bottle-nose dolphins dwelling within the Moray Firth.