Where was the best performing area for house price growth in 2024?

House prices in Stoke-on-Trent surged by 17.2% during the 12 months to September 2024, emerging as the best performing area for house price growth in the UK housing market, according to the latest data from Halifax.

Following closely behind, Slough experienced a rise of 14.9% in house prices, and, in Oldham, the cost of a home increased by 14.6%. Research from Halifax earlier this year found that over seven in 10 (73%) house purchases in Slough were made by first-time buyers.

Capital dominates for lowest house price growth

The ten towns and cities with the smallest house price growth are led by Huddersfield, which saw a decline of -6.6% over the 12 months to September of this year, equivalent to a fall of £18,514.

This should be seen in some important context – Huddersfield came top of the table last year, with an average growth in house price of 8.7% meaning, over the two years, house prices in the area have risen overall.

Several London boroughs also experienced some of the lowest house price growth over the period, including Ealing, Southwark 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 this year, 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.

“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."