York records strongest house price rises in England and Wales – The Guardian

Halifax information exhibits the cathedral metropolis bucking wider development of stalling home worth development to shoot up by 23%
In a 12 months of rising rates of interest, and with stalling home worth development, it was the cathedral metropolis of York that bucked the development and recorded the strongest home worth rises in England and Wales, new figures reveal.
Over the previous 12 months, home costs within the metropolis have grown by 23.1%, or £69,648 on common, in accordance with Halifax.
Since March 2020, the month when the primary Covid lockdown began within the UK, the common home worth has skyrocketed by 41%, that means the common property worth is now £370,639. However in latest months, home worth development has stalled, with one forecaster predicting a drop in home costs of 8% in 2023.
However there’s important variation relying on the place you’re within the UK. Woking in Surrey noticed the most important enhance of any city or metropolis in money phrases, as costs within the commuter city leapt from £493,299 in 2021 to £586,925 in 2022, a rise of £93,626 (19%).
In the meantime, the cities and cities with the bottom development are Leicester (-3.6%), Hull (-2.9%), Maidenhead (-2.2%), Stoke-on-Trent (-1.7%) and Islington (0.4%).
No London borough appeared within the listing of high-growth property costs, with home costs within the capital growing at a slower tempo, 7.2%, than all different areas of the UK. However London retains the title of getting the most costly properties within the nation, at a median property worth of £596,667.
Regardless of the gradual ranges of home worth development, new information from Knight Frank signifies the property market in prime London postcodes is proving “resilient”.
The info exhibits that the variety of exchanges in November in prime London markets was 16.2% larger than the identical month in 2021, and 15% larger than the five-year common.
Nonetheless, the property agent warned that Kwasi Kwarteng’s ill-fated mini-budget meant that many consumers are nonetheless ready for mortgage charges to return again down.
The variety of presents made in November was 16% under the five-year common, reflecting the uncertainty that has arisen from the latest spike in borrowing prices.
Kim Kinnaird, the mortgages director at Halifax, stated: “Total, 2022 was one other 12 months of fast home worth development for many areas within the UK. And in contrast to a few years previously, the listing isn’t dominated by cities and cities within the south-east.
“Nowhere is that extra the case than in York, which noticed the very best property worth inflation throughout England and Wales this 12 months, rising by over a fifth. Whereas current owners will welcome the elevated worth of their house, such a leap makes it way more difficult for these seeking to step on to the property ladder or transfer into town.
“Whereas London nonetheless has among the highest property costs within the nation, it recorded comparatively modest home worth inflation over the previous 12 months. That is partly because of pandemic-driven shifts in housing preferences as consumers sought greater properties farther from city centres.
“We are able to see this clearly in commuter cities corresponding to Woking, Chelmsford and Hove, which – with their extra numerous vary of properties maybe providing higher worth – recorded a lot greater will increase over the past 12 months.”
Listed here are the High 10 strongest locations for proportion will increase in home costs, in accordance with Halifax, with the title of the place adopted by the area, the common home worth adopted by the rise in money and proportion phrases (figures present the change within the 12 months to November 2022):
1. York, Yorkshire and the Humber, £370,639, £69,648, 23.1%
2. Woking, south-east England, £586,925, £93,626, 19.0%
3. Swansea, Wales, £265,379, £39,450, 17.5%
4. Chelmsford, east of England, £485,770, £69,775, 16.8%
5. Kettering, east Midlands, £326,895, £44,731, 15.9%
6. Derby, east Midlands, £277,491, £37,953, 15.8%
7. Wellingborough, east Midlands, £306,985, £41,087, 15.5%
8. Peterborough, east of England, £289,994, £37,599, 14.9%
=9. Bristol, south-west England, £394,126, £50,864, 14.8%
=9. Cambridge, east of England, £531,730, £68,586, 14.8%


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