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Last year’s house price hotspots revealed
Which Northern city is top of the property price growth list for 2022?
York saw the strongest house price inflation of any town or city in England and Wales in 2022, according to Halifax.
The northern city saw a staggering 23.1% rise in average house prices – the equivalent of £69,648 – over the course of the last year. Since March 2020, average house prices in the historic city have risen by grown by 41.9% from £261,183 to £370,639.
Woking saw the biggest increase of any town or city in cash terms in 2022. The cost of buying a home in the London commuter town leapt from £493,299 in 2021 to £586,925 in November 2022, an increase of a staggering £93,626 (or 19%).
Regional picture
The UK’s largest mortgage lender said that South East England recorded the highest growth of any UK region – 14.1%.
Swansea recorded the highest rate of house price growth of any town or city across Wales, up by 17.5% (£39,450). Across the nation, prices were up by £20,669 (8.7%) over the last year.
Towns and cities in the East and West Midlands also saw significant growth – such as Kettering (15.9% to £326,895), Derby (15.8% to £277,491), Wellingborough (15.5% to £306,985) and Birmingham (13.8% growth to £269,385).
House prices in London increased at a slower pace (7.2%) than other parts of the UK, but are still the most expensive in the country at £596,667.
What’s next for property prices?
House prices are widely expected to fall during 2023 but Halifax said this was against a background of strong rises over the few years.
Across the UK as a whole, the market has seen some of the biggest house price increases on record, rising by 26% (£80,777) between March 2020 and November 2022.
Kim Kinnaird, mortgages director at Halifax, said: “Overall 2022 was another year of rapid house price growth for most areas in the UK. And unlike many years in the past, the list isn’t dominated by towns and cities in the south east.
“Nowhere is that more the case than in the cathedral city of York, which saw the highest property price inflation across England and Wales this year, rising by over a fifth. While existing homeowners will welcome the increased value of their home, such a jump makes it much more challenging for those looking to step onto the property ladder or move into the city.”