Has YOUR region seen a 15% drop in home prices this year? Halifax reveals the biggest risers – and fallers

Halifax has revealed the areas where house prices rose and fell the most this year, with one location seeing a 15 per cent drop.

Stoke-on-Trent, Perth and Stockport saw the biggest year-on-year falls in property prices this year, the data shows.

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 other end of the spectrum, property prices in Huddersfield remained 'resilient', rising by £22,137 or 8.7 per cent to £253,301 year-on-year.

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

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

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

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

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

In many areas, house prices remained 'largely static'. Telford and Havering saw the cost of houses stabilize year on year, with values ​​changing by less than £100.

Holding steady: Property prices in Hillingdon held steady this year, data from Halifax shows

Kim Kinnaird, director of Halifax Mortgages, said: 'Across Britain the market has been hit this year by mortgage affordability pressures, but there is a big difference in how house prices have performed in towns and cities across the country. country.

'Housing prices can be influenced by many factors, from the number of homes for sale, the local labor market and services such as education and public transport.'

House prices still higher than before the pandemic

Kinnaird added: 'Buying a house in Huddersfield or Bradford may have cost significantly more in 2023 than last year, but that is not the case in Stoke-on-Trent, for example, which may now offer better value for money.

'However, when buying a house is such a big financial commitment, it is important to consider longer-term trends.

'Many homeowners will feel reassured to know that the average UK house price remains around £40,000 higher than before the pandemic.'

Higher interest rates and pressure on the cost of living have turned the real estate market upside down this year. However, recent ONS figures show that the consumer price index has fallen sharply from 4.6 percent to 3.9 percent in November.

The slowdown in inflation paves the way for the Bank of England to cut interest rates next year. Some analysts suggest that interest rates will be cut sooner than forecast.

The cheapest mortgage interest rate has fallen below 4 percent for the first 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 product fee of £999.

The deal, which is available to both first-time buyers and home movers with a minimum 40 per cent deposit, beats the second best deal on the market, from Halifax, by 0.34 percentage points.

The lender, which was founded in 2019, also has a 3.99 percent deal available for refinancing mortgage holders.

Property prices fell by 1.2 per cent over the year to October, according to data from the Office for National Statistics.

By the end of the period, average house prices in Britain stood at £288,000, which was £3,000 lower than at the same point a year ago.

The ONS house price index uses data from the Land Registry and is based on the average sales price of the average property.