Overall, property prices in Britain are on the decline, which is good news for househunters after a bargain.
It’s less welcome news for anyone looking to sell up, or those worried about buying something which will later drop in value.
Despite this outlook, however, there are a few UK locations bucking the trend with predicted growth over the coming year.
According to research by easyMoney, the average house price across Britain has dropped at an average rate of -0.3% per month over the last six months. If this trend continues through to the end of 2024, prices could fall by an average of -2.6%, or -£7,501.
Analysing Land Registry data since interest rates were held at 5.25% in September of last year, the lender predicted positive growth in just two regions.
In the North West, prices are up an average of +0.4% per month, which equates to +4.3% by December (reaching a regional average price of £330,593) if it carries on rising at the same pace.
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Meanwhile, the North East has seen growth of +0.2% a month over the last six months on average, coming out at a predicted +2.4% by December to reach an average house price of £164,235.
Although prices in all other regions are expected to fall (particularly in the West Midlands, London and Yorkshire and Humber) on a more granular level there are 10 local authorities forecast for growth of at least 14%.
That means homebuyers in these areas should consider getting their offers in now to avoid the increases, while sellers may want to wait to achieve a higher price towards the turn of 2025.
The top hotspot was found to be Derbyshire’s Amber Valley district, which is anticipated to see growth of +26.5% by the end of the year based on previous increases of +2.4% per month.
This semi-rural area includes towns like Ripley, Belper and Alfreton, along with smaller villages like Crich, Denby, Holbrook, Horsley, Milford and Swanwick.
Next up on the list was Darlington, up +2.1% since last September and forecast to climb by a further +23.7% by December.
The market town in County Durham has a population of almost 110,000, and while its history dates back to the Anglo-Saxon era, it’s a modern location with its own annual Pride festival and entertainment venues including the Hoppodrome and the Forum Music Centre.
Two London authorities made the list too – Greenwich, predicted for growth of +14.5% and Hackney at +14.2%. Buyers here are still looking at paying far more than in the rest of the country, but an upward trend suggests a better return on investment than other parts of the capital if they sell up in the coming years.
UK areas predicted to see the biggest house price rises
- Derbyshire’s Amber Valley district: +26.5%
- Darlington: +23.7%
- Torfaen: +18.8%
- West Devon: +16.6%
- Babergh: +15.7%
- Rossendale: +14.8%
- North West Leicestershire: +14.8%
- Greenwich: +14.5%
- Hackney: +14.2%
- Chorley: +14%
Jason Ferrando, CEO of easyMoney comments on the findings: ‘After such consistent upward growth, followed by a period of stagnation, it looks to be a far more settled year for the housing market, with property values expected to remain largely flat in 2024.
‘But as is so often the case, you can’t judge a market by its topline statistics. Instead, you have to dive down into the local market data to discover that price performance in certain parts of Britain could be far from flat as we move through the year.
‘For anyone who is looking to invest in property this year, it’s useful to know which parts of the country are bucking the national trend. Although it can be far less time consuming to opt for an investment vehicle where market experts have already done the hard work in identifying these up and coming investment hotspots.’
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