Stoke-on-Trent has emerged as the UK's top-performing city for house price growth in 2024, with values surging by 17.2% as buyers gravitate toward more affordable areas, according to
Halifax. Meanwhile, other locations, including Huddersfield and many London boroughs, experienced price declines.
Biggest risers and fallers
Halifax's latest analysis highlights Stoke-on-Trent as the leader in house price growth, with the average property value climbing to £227,002 over the year to September 2024. This marks a dramatic turnaround for the Staffordshire city, which had previously recorded the steepest decline in 2023.
Slough in Berkshire followed closely with a 14.9% increase, pushing average prices to £497,704, while Oldham in Greater Manchester saw a 14.6% rise to £250,546.
“Some areas of the UK... have seen remarkable house price growth this year, as buyers perhaps seek out more affordable areas,” noted Amanda Bryden, Halifax's head of mortgages.
In contrast, Huddersfield, which led the growth rankings in 2023, suffered the largest drop in 2024, with prices falling by 6.6% to £260,498. Wirral in Merseyside also saw a decline, with values dropping 5.4% to £294,250.
London's struggles
London saw a widespread cooling in house prices across its boroughs, driven by stretched affordability and the city's high property costs.
“The high asking price for London properties means house prices have fallen in several boroughs,” Bryden explained. “This reflects the affordability challenges for buyers or their reluctance to pay such premiums.”
Despite declines in numerous areas, London managed an overall price increase of 3.6% for the year, buoyed by growth in select boroughs.
National trends
Regionally, the South East of England recorded the slowest growth at just 1.8%, while Northern Ireland led the way with a 10.6% rise, followed by Yorkshire and The Humber at 6.4%.
Interest rate cuts in August and November brought the base rate down to 4.75% by the end of 2024. However, high borrowing costs and ongoing cost-of-living pressures continued to weigh on buyer affordability.
“Stoke-on-Trent, Wolverhampton, and Dunfermline exemplify how affordability and value remain key drivers for buyers,” Bryden added. “Areas once lagging are now seeing robust growth, reflecting a shift in buyer preferences and market dynamics.”
