Latest Halifax Data Reveals 2024’s Regional House Price Rises and Falls
LONDON, UK - August 19, 2013. Different To Let property signs in a row in London, UK
The UK housing market has seen a wide array of changes over the past year, with notable regional variations in house price growth. The latest data from Halifax reveals that Stoke-on-Trent leads the pack in house price growth, while Huddersfield has experienced the steepest decline.
Stoke-on-Trent Takes the Top Spot
House prices in Stoke-on-Trent surged by an impressive 17.2% in the 12 months to September 2024, making it the best-performing area for house price growth in the UK. The average house price in the city rose from £193,662 in 2023 to £227,002 in 2024, representing a monetary increase of £33,339.
Following closely behind, Slough saw house prices rise by 14.9%, with the average price increasing from £433,194 to £497,704. Oldham also posted significant growth, with house prices up by 14.6%, rising from £218,595 to £250,546. Notably, 73% of house purchases in Slough were made by first-time buyers, according to Halifax’s earlier research this year.
Top 10 UK Towns and Cities with Greatest House Price Growth (2023 to 2024)
| Town/Local Authority | Region | Average Price 2023 | Average Price 2024 | £ Growth in Price | % Growth in Price |
|---|---|---|---|---|---|
| Stoke-On-Trent | West Midlands | £193,662 | £227,002 | £33,339 | 17.2% |
| Slough | South East | £433,194 | £497,704 | £64,510 | 14.9% |
| Oldham | North West | £218,595 | £250,546 | £31,951 | 14.6% |
| Bradford | Yorkshire and The Humber | £200,093 | £226,261 | £26,168 | 13.1% |
| Bolton | North West | £223,231 | £252,070 | £28,839 | 12.9% |
| Barnsley | Yorkshire and The Humber | £199,725 | £224,886 | £25,161 | 12.6% |
| Wolverhampton | West Midlands | £247,403 | £278,083 | £30,680 | 12.4% |
| Doncaster | Yorkshire and The Humber | £204,371 | £228,040 | £23,669 | 11.6% |
| Dunfermline | Scotland | £208,013 | £230,379 | £22,365 | 10.8% |
| Hamilton | Scotland | £208,360 | £229,835 | £21,474 | 10.3% |
Huddersfield’s Decline
At the other end of the spectrum, Huddersfield experienced the largest drop in house prices, with a decline of 6.6% over the same period. The average house price fell from £279,012 in 2023 to £260,498 in 2024, a reduction of £18,514. However, it is worth noting that Huddersfield had topped the growth table in 2023 with an 8.7% rise, meaning that over the two years, house prices in the area have still increased overall.
Other areas with significant declines include several London boroughs such as Ealing (-4.9%), Southwark (-4.8%), and Harrow (-3.6%). These decreases may reflect the affordability challenges posed by high property prices in the capital.
Top 10 UK Towns and Cities with Lowest House Price Growth (2023 to 2024)
| Town/Local Authority | Region | Average Price 2023 | Average Price 2024 | £ Growth in Price | % Growth in Price |
| Huddersfield | Yorkshire and The Humber | £279,012 | £260,498 | -£18,514 | -6.6% |
| Wirral | North West | £311,003 | £294,250 | -£16,753 | -5.4% |
| Ealing | London | £588,383 | £559,788 | -£28,596 | -4.9% |
| Southwark | London | £583,203 | £555,325 | -£27,878 | -4.8% |
| Kingston Upon Thames | London | £607,522 | £582,282 | -£25,240 | -4.2% |
| Enfield | London | £527,807 | £506,667 | -£21,140 | -4.0% |
| Harrow | London | £572,921 | £552,203 | -£20,718 | -3.6% |
| Westminster | London | £757,083 | £730,859 | -£26,224 | -3.5% |
| Bromley | London | £558,980 | £541,131 | -£17,848 | -3.2% |
| Aylesbury | South East | £435,416 | £423,252 | -£12,164 | -2.8% |
Regional Insights
The South East recorded the smallest overall growth among UK regions, with a modest 1.8% rise in average house prices. In contrast, the UK average growth stood at 6.3%. Amanda Bryden, Head of Mortgages at Halifax, attributed the South East’s slower growth to the already-high property prices, which limit affordability for many buyers.
In London, the high cost of living continues to weigh on the housing market. The city’s house price-to-earnings ratio remains at 8.22, well above the national average of 6.55, reflecting its status as one of the least affordable regions in the country.
Expert Advice
Amanda Bryden, Head of Mortgages, Halifax Building Society, explains:
“Some areas of the UK – including Stoke-on-Trent, Wolverhampton and Dunfermline – have seen remarkable house price growth this year, as buyers perhaps seek out more affordable areas where house prices, despite increases, are still coming in under the national average. This trend is causing house prices in some areas to flip from slowing, to growing, such as Stoke-on-Trent, which was the biggest faller last year but showed the highest rate of growth, regionally, this year.
“That story doesn’t play out nationally. The high asking price for London properties means house prices have fallen in several boroughs – perhaps a reflection that the relatively high cost of properties is stretching affordability for buyers, or perhaps what they are willing to pay. Overall, London has a house price to earnings ratio of 8.22, making it one of the least affordable places to live in the country, against a national ratio of 6.55.
“Regionally, while the South East has seen some robust growth – in places like Basingstoke and Maidstone, overall, it is lagging behind the rest of the UK, with movement of just +1.8%, compared to +6.3% for the UK overall. Much like London, first-time buyers won’t find a bargain here, as the slow growth is likely a consequence of the already-high property prices, relative to the national average.
“When you’re buying a home there’s so much to consider – it can become overwhelming, with the cost of a property just one of many things to think about. My advice would be to make yourself a list of everything that’s important to you, decide which are the deal-breakers and which you’re willing to compromise on, then get stuck in with viewing houses and visiting areas to get a feel for each place. Be open to everything that’s affordable and suits your personal circumstances – you never know where you might find a hidden gem that’s just right for you.”
Commenting on the data, Nathan Emerson, CEO of Propertymark said:
“As the needs of home movers evolve, the necessity to be in a particular location for what once might have been employment related has very much changed. We have witnessed a notable shift allowing people to consider similar benefits and amenities which are important to many homeowners and potentially save considerable sums of money in doing so.
“When looking at average house price across the West Midlands as an example, and despite strong growth in this region, a typical property costs around £188k less than a location such as Aylesbury. When you compare such facts side by side, its natural people are looking at the buying and selling process with a very cost conscious and savvy approach.”
