May 1st 2024.
The state of the UK housing market has seen a significant change in recent times. On one hand, house prices across the country have remained stagnant, bringing good news for buyers who are looking for a great deal. However, this has not been welcomed by those who are planning to sell their property or are concerned about their investment losing value in the future.
Despite this outlook, there are certain areas in the UK that are defying this trend and are expected to see growth in the upcoming year. A recent study by easyMoney revealed that the average house price in Britain has fallen by 0.3% per month in the last six months. If this trend continues until the end of 2024, the prices could drop by an average of 2.6% or £7,501.
Upon analyzing the data from Land Registry since the interest rates were held at 5.25% in September last year, the lender predicted positive growth in only two regions. The North West has seen an average increase of 0.4% per month, which translates to a 4.3% rise by December. Similarly, the North East has experienced a monthly growth of 0.2% in the last six months, with a predicted increase of 2.4% by the end of the year, bringing the average house price to £164,235.
While the rest of the regions are expected to see a decline, there are 10 local authorities that are forecasted to see an impressive growth of at least 14%. This means that potential homebuyers in these areas should act fast to avoid the anticipated increase, while sellers might want to wait for a better price towards the end of 2025.
At the top of the list is Derbyshire's Amber Valley district, where a remarkable growth of 26.5% is expected by the end of the year, based on previous monthly increases of 2.4%. This picturesque semi-rural region includes towns like Ripley, Belper, and Alfreton, along with smaller villages like Crich, Denby, Holbrook, Horsley, Milford, and Swanwick.
The second spot on the list goes to Darlington, with a 2.1% increase since September last year and a projected rise of 23.7% by December. This market town in County Durham has a population of almost 110,000 and while its history dates back to the Anglo-Saxon era, it is a modern location with its own annual Pride festival and popular entertainment venues.
Surprisingly, two London authorities also made it to the list - Greenwich with a predicted growth of 14.5% and Hackney at 14.2%. Although these areas still have higher property prices compared to the rest of the country, the upward trend suggests a better return on investment for potential sellers in the coming years.
In conclusion, the following areas in the UK are expected 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%), and Chorley (14%).
Jason Ferrando, the CEO of easyMoney, shared his thoughts on these findings, stating that after consistent growth and a period of stagnation, the housing market is expected to remain stable in 2024. However, he also emphasized the importance of looking at the local market data to understand the true performance of certain areas. For those who are planning to invest in property, it is essential to know which parts of the country are defying the national trend. Alternatively, one can also consider investment vehicles where market experts have already identified the upcoming hotspots, making the process less time-consuming.
Do you have a story to share about the UK housing market? We would love to hear from you. Get in touch with us by emailing us at email.
[This article has been trending online recently and has been generated with AI. Your feed is customized.]
[Generative AI is experimental.]
