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    Did YOUR area see 15% drop in house prices this yr? Halifax reveals biggest risers – and fallers

    Halifax has revealed the areas where house prices rose and fell probably the most this yr, with one location seeing a fall of 15 per cent. 

    Stoke-on-Trent, Perth and Stockport saw the largest year-on-year falls in property prices this yr, the info suggests. 

    Average house prices in Stoke-on-Trent fell £30,978, or 15 per cent, from £205,887 to £174,910 year-on-year. 

    At the opposite end of the spectrum, property prices in Huddersfield remained ‘resilient,’ climbing £22,137 or 8.7 per cent to £253,301 year-on-year.

    Ups and downs: These are the areas where house prices rose and fell probably the most in 2023, in line with Halifax

    The findings, based on Halifax and Bank of Scotland mortgage approval data, suggests prices in Perth, Scotland, fell by 14.1 per cent to £208,278 year-on-year. 

    Average property prices in Stockport slumped £46,856, or 13.3 per cent year-on-year, while average prices in Chelmsford fell a hefty £62,606, or 13 per cent to £417,581. 

    In Livingston, Scotland, average property prices fell 13 per cent, or £38,584, year-on-year from £297,675 to £259,090, in line with Halifax. 

    Huddersfield, Bradford, Falkirk, Hillingdon and Newport were the highest five risers, meanwhile. 

    In Bradford, average property prices jumped £15,183 or 8.5 per cent to £193,468, while prices in Hillingdon rose a more modest 4.5 per cent to a mean of £529,229. 

    In lots of areas house prices remained ‘largely static’. Telford and Havering saw the price of homes stabilise year-on-year, changing in value by lower than £100.

    Holding up: Property prices in Hillingdon held up this year, Halifax data suggests

    Holding up: Property prices in Hillingdon held up this yr, Halifax data suggests 

    Kim Kinnaird, a director of Halifax Mortgages, said: ‘Across the UK, this yr’s market has been hit by the squeeze on mortgage affordability, but there’s been a giant difference in how house prices have performed in towns and cities across the country. 

    ‘House prices may be swayed by many aspects, from the variety of homes on the market, the local jobs market, and services like education and public transport.’

    House prices still higher than pre-pandemic 

    Kinnaird added: ‘Buying a house in Huddersfield or Bradford might have cost considerably more in 2023 than it did last yr, but that is not the case in Stoke-on-Trent, for instance, which could now offer higher value for money. 

    ‘Nonetheless, when buying a house is such a significant financial commitment, it is vital to think about the longer-term trends. 

    ‘Many owners will feel reassured to know that the typical UK house price stays around £40,000 higher than before the pandemic.’

    Higher rates of interest and price of living pressures rocked the property market this yr. Nonetheless, recent ONS figures show the patron prices index fell sharply from 4.6 per cent to three.9 per cent in November. 

    The inflationary slowdown paves the way in which for the Bank of England to start out cutting rates of interest next yr. Some analysts are suggesting rates of interest might be cut ahead of forecast. 

    The most affordable mortgage rates have dropped below 4 per cent for the primary time since May after a lesser known lender cut rates this week. 

    Gen H is now offering a five-year fixed rate mortgage at 3.94 per cent, with a £999 product fee.

    The deal, available to each first-time buyers and residential movers with at the least a 40 per cent deposit, beats the following best deal available on the market, from Halifax, by 0.34 percentage points.

    The lender, which was founded in 2019, also has a 3.99 per cent deal available to remortgagers.

    Property prices fell 1.2 per cent within the yr to October, in line with data from the Office for National Statistics. 

    By the top of the period, average UK property prices stood at £288,000, which was £3,000 lower than at the identical point a yr ago.

    The ONS house price index uses Land Registry data and is predicated on the typical sold price of the typical property. 

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