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Preston one of places best weathering house price downturn over last year

Posted on - 28th December, 2023 - 7:00am | Author - | Posted in - Housing, Preston News
Sunrise over snowy rooftops in Preston Pic: Tony Worrall
Sunrise over snowy rooftops in Preston Pic: Tony Worrall

The latest analysis from Halifax shows that Preston is one of the places weathering the UK’s house price downturn best over the last year.

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The figures, which looked at Halifax and Bank of Scotland mortgage approvals in the 12 months to October 2023 compared to the 12 months to October 2022, put Preston in eighth with average house prices rising by 2.7 per cent (+£6,693).

The biggest increases were seen in Huddersfield – up 8.7 per cent (+£22,137) – and Bradford – up by 8.5 per cent (+£15,183).

The biggest fall was in Stoke-on-Trent with 15 per cent (-£30,978) followed by Perth with 14.1 per cent (-£34,324).

In many areas, house prices remained largely static, for example Telford and Havering saw homes change value by less than £100.

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Read more: Church Street row of buildings eyed up for demolition to unlock huge new apartments scheme

Kim Kinnaird, Director, Halifax Mortgages, said: “Across the UK, this year’s market has been hit by the squeeze on mortgage affordability, but there’s been abig difference in how house prices have performed in towns and cities across the country. House prices can be swayed by many factors, from the number of homes for sale, the local jobs market, and services like education and public transport.

“However, when buying a home is such a major financial commitment, it’s important to consider the 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.”

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