The greatest house price growth was recorded in Stoke-on-Trent, where prices rocketed 17.2% in the 12 months to September 2024.
In second place, Slough experienced a rise of 14.9% in house prices, and, in Oldham, the cost of a home increased by 14.6%. Bolton and Bradford completed the top five with house price inflation of 13.1% and 12.9% respectively.
At the other end of the spectrum, the cost of a home fell most in Huddersfield (-6.6%), despite the area topping the house price growth table in 2023 with growth of 8.7%.
The top 10 UK towns and cities with lowest house price growth was dominated by London boroughs, which experienced some of the lowest house price growth over the period, including Ealing, Southwark, Kingston-upon-Thames, Enfield, Westminster and Harrow.
Amanda Bryden, head of mortgages at Halifax, said: “Some areas of the UK – including Stoke-on-Trent, Wolverhampton and Dunfermline – have seen remarkable house price growth, 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.
Your Mortgage Awards 2024/25: winners revealed
Sponsored by Your Mortgage Awards
“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.”
Halifax noted that, regionally, Northern Ireland saw the greatest growth at 10.6% while London saw the lowest, at just 1.8%.