House prices in Huddersfield grew at the fastest rate in the UK in the last year – despite a nationwide downturn – according to a report.

MIt was one of the locations bucking the national trend, according to the Halifax House Price Trends report, as homes in the West Yorkshire town went for 8.7% more – equating to an extra £22,137 – in the year up to October compared to a year earlier.

Houses in Bradford were also more expensive, up by 8.5% – an extra £15,183 for buyers.

While the percentage increase was lower, the biggest monetary increase in the price of a home was in the London Borough of Hillingdon, which encompasses Heathrow Airport.

There, house prices grew by an average of £22,677, a 4.5% increase, compared to 2022.

London was the region which included the most entries in the top 10 of those experiencing rises: prices in Bexley and Newham also grew.

Please use Chrome browser for a more accessible video player

No clear reasons were given for the rises in those areas. Instead, the director of Halifax mortgages, Kim Kinnaird said house prices can be swayed by many factors such as the number of homes for sale, the local job market, and the kinds of services on offer like public transport, schools and universities.

70 British local authorities where house prices have risen, bucking overall trend

Good news for homeowners with average house price predicted to be £45,000 higher by 2028

House prices back on the rise for first time in six months, Halifax says

Halifax said “Huddersfield weathered the UK’s house price downturn best over the last year” but “in many areas house prices remained largely static”.

While the Halifax didn’t publicly reveal all the areas that had seen price falls, the five with the biggest decreases had seen falls of between 13% and 15%.

They included Stoke-on-Trent, Perth and Stockport where prices fell 15%, 14.1% and 13.3% respectively.

Despite the falls, Halifax said prices are an average of £40,000 higher than before the pandemic but did not provide a figure for how much prices in general had changed since last year.

Read more:
Tories hint at extra support for first-time buyers to woo young voters at next election
The housing battle – which party will get Britain building?

Be the first to get Breaking News

Install the Sky News app for free

Halifax, along with the Bank of Scotland, is part of the Lloyds Bank Group, the UK’s largest mortgage lender.

The data, released on Thursday, was compiled by looking at prices used in Halifax and Bank of Scotland mortgage approvals in the 12 months to October 2023 compared to the year to October 2022.

Most people in the UK are neither home owners nor mortgage holders, according to Sky News analysis.

The largest group is renters.

Related posts:

Natwest boss sees ‘reasons for optimism’ as profits climb 82% Job vacancies are at a record high – which sectors are most desperate for staff? Energy watchdog Ofgem braced for fresh wave of supplier collapses AstraZeneca eyes ‘modest’ profit from COVID-19 vaccine HS2 extension to Leeds could be mothballed as rail review published next week Fund manager Liontrust faces revolt over ‘excessive’ pay awards FCA reveals new rules for the marketing of high-risk investments ‘You’re having a laugh’: Tesco Christmas shoppers complain about huge online queue and crashing site COVID testing tsar Sir John Bell quits board of Oxford spinout vehicle OSE CBI hands new information to police after report of ‘serious criminal offence’ Hargreaves Lansdown chair to step down amid pressure from founder Sharp fall in the rate of inflation