York records strongest house price rises in England and Wales

1 month ago 12

In a twelvemonth of rising involvement rates, and with stalling location terms growth, it was the cathedral metropolis of York that bucked the inclination and recorded the strongest location terms rises successful England and Wales, caller figures reveal.

Over the past year, location prices successful the metropolis person grown by 23.1%, oregon £69,648 connected average, according to Halifax.

Since March 2020, the period erstwhile the archetypal Covid lockdown started successful the UK, the mean location terms has skyrocketed by 41%, meaning the mean spot terms is present £370,639. But successful caller months, location terms maturation has stalled, with 1 forecaster predicting a driblet successful location prices of 8% successful 2023.

But determination is important saltation depending connected wherever you are successful the UK. Woking successful Surrey saw the biggest summation of immoderate municipality oregon metropolis successful currency terms, arsenic prices successful the commuter municipality leapt from £493,299 successful 2021 to £586,925 successful 2022, an summation of £93,626 (19%).

Meanwhile, the towns and cities with the lowest maturation are Leicester (-3.6%), Hull (-2.9%), Maidenhead (-2.2%), Stoke-on-Trent (-1.7%) and Islington (0.4%).

No London borough appeared successful the database of high-growth spot prices, with location prices successful the superior expanding astatine a slower pace, 7.2%, than each different regions of the UK. But London retains the rubric of having the astir costly homes successful the country, astatine an mean spot terms of £596,667.

Despite the dilatory levels of location terms growth, caller information from Knight Frank indicates the spot marketplace successful premier London postcodes is proving “resilient”.

The information shows that the fig of exchanges successful November successful premier London markets was 16.2% higher than the aforesaid period successful 2021, and 15% higher than the five-year average.

However, the property cause warned that Kwasi Kwarteng’s ill-fated mini-budget meant that galore buyers are inactive waiting for owe rates to travel backmost down.

The fig of offers made successful November was 16% beneath the five-year average, reflecting the uncertainty that has arisen from the caller spike successful borrowing costs.

Kim Kinnaird, the mortgages manager astatine Halifax, said: “Overall, 2022 was different twelvemonth of accelerated location terms maturation for astir areas successful the UK. And dissimilar galore years successful the past, the database isn’t dominated by towns and cities successful the south-east.

“Nowhere is that much the lawsuit than successful York, which saw the highest spot terms ostentation crossed England and Wales this year, rising by implicit a fifth. While existing homeowners volition invited the accrued worth of their home, specified a leap makes it overmuch much challenging for those looking to measurement connected to the spot ladder oregon determination into the city.

“While London inactive has immoderate of the highest spot prices successful the country, it recorded comparatively humble location terms ostentation implicit the past 12 months. This is partially owed to pandemic-driven shifts successful lodging preferences arsenic buyers sought bigger properties further from municipality centres.

“We tin spot this intelligibly successful commuter towns specified arsenic Woking, Chelmsford and Hove, which – with their much divers scope of properties possibly offering amended worth – recorded overmuch bigger increases implicit the past year.”

The champion performing places successful England and Wales

Here are the Top 10 strongest places for percent increases successful location prices, according to Halifax, with the sanction of the spot followed by the region, the mean location terms followed by the summation successful currency and percent presumption (figures amusement the alteration successful the 12 months to November 2022):

1. York, Yorkshire and the Humber, £370,639, £69,648, 23.1%

2. Woking, south-east England, £586,925, £93,626, 19.0%

3. Swansea, Wales, £265,379, £39,450, 17.5%

4. Chelmsford, eastbound of England, £485,770, £69,775, 16.8%

5. Kettering, eastbound Midlands, £326,895, £44,731, 15.9%

6. Derby, eastbound Midlands, £277,491, £37,953, 15.8%

7. Wellingborough, eastbound Midlands, £306,985, £41,087, 15.5%

8. Peterborough, eastbound of England, £289,994, £37,599, 14.9%

=9. Bristol, south-west England, £394,126, £50,864, 14.8%

=9. Cambridge, eastbound of England, £531,730, £68,586, 14.8%