2019 house price winners and losers
Homeowners in the north of England have benefited from the biggest house price increases over the last year, according to Halifax.
This reverses the historic trend which saw prices rise most rapidly in the south of the country for many years. In 2019, North West towns accounted for eight of top 10 biggest house price increases.
However, County Durham’s Billingham, in the North East, has seen average house prices grow by the most, from £192,717 in October 2018 to £216,328 in the same month in 2019 – a rise of 12.3%. House prices here, in the birthplace of Billy Elliot actor Jamie Bell, are around eight times that of the average salary (£26,471).
In second place is Ilkeston, Derbyshire, in the East Midlands, where prices have risen by 9.1% – from £249,439 in 2018 to £272,091 this year.
The rest of the top 10 is taken up by towns in the North West; Sale, Wilmslow, Blackburn, Bolton, Burnley, Chorley, Bootle and Southport have all seen house prices rise by 6% or more over the last year. On average, house prices in these towns are eight times local salaries.
Russell Galley, Halifax managing director, said: “In an interesting twist, this year’s tables show that the North of the country has witnessed the biggest increases in average house prices, while the South has seen prices dip most significantly. This bucks the trend we’ve seen in recent years and marks a small step towards achieving more balance in average regional house prices.
“While this may be good news for those looking to sell in regions such as the North West, it’s prospective buyers closer to the likes of London who may be hoping that a property purchase is becoming that little bit more affordable.”
Falls in London and the South East
The top 10 greatest falls in house prices over the last year are all in London or the South East, said Halifax.
Harrow in Greater London saw prices decrease by the most, down 3.6% from £273,930 to £263,964.