Halifax has revealed the areas where house prices rose and fell the most this year, with one location seeing a fall of 15 per cent.
Stoke-on-Trent, Perth and Stockport saw the biggest year-on-year falls in property prices this year, the data suggests.
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,’ climbing £22,137 or 8.7 per cent to £253,301 year-on-year.
Ups and downs: These are the areas where house prices rose and fell the most in 2023, according to Halifax
The findings, based on Halifax and Bank of Scotland mortgage approval data, suggests prices in Perth, Scotland, fell by 14.1 per cent to £208,278 year-on-year.
Average property prices in Stockport slumped £46,856, or 13.3 per cent year-on-year, while average prices in Chelmsford fell a hefty £62,606, or 13 per cent to £417,581.
In Livingston, Scotland, average property prices fell 13 per cent, or £38,584, year-on-year from £297,675 to £259,090, according to Halifax.
Huddersfield, Bradford, Falkirk, Hillingdon and Newport were the top five risers, meanwhile.
In Bradford, average property prices jumped £15,183 or 8.5 per cent to £193,468, while prices in Hillingdon rose 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 homes stabilise year-on-year, changing in value by less than £100.
Holding up: Property prices in Hillingdon held up this year, Halifax data suggests
Kim Kinnaird, a director of Halifax Mortgages, said: ‘Across the UK, this year’s market has been hit by the squeeze on mortgage affordability, but there’s been a big 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.’
House prices still higher than pre-pandemic
Kinnaird added: ‘Buying a home in Huddersfield or Bradford may well have cost considerably more in 2023 than it did last year, but that’s not the case in Stoke-on-Trent, for example, which might now be offering better value for money.
‘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.’
Higher interest rates and cost of living pressures rocked the property market this year. However, recent ONS figures show the consumer prices index fell sharply from 4.6 per cent to 3.9 per cent in November.
The inflationary slowdown paves the way for the Bank of England to start cutting interest rates next year. Some analysts are suggesting interest rates will be cut sooner than forecast.
The cheapest mortgage rates have dropped below 4 per cent 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 £999 product fee.
The deal, available to both first-time buyers and home movers with at least a 40 per cent deposit, beats the next best deal on the market, from Halifax, by 0.34 percentage points.
The lender, which was founded in 2019, also has a 3.99 per cent deal available to remortgagers.
Property prices fell 1.2 per cent in the year to October, according to data from the Office for National Statistics.
By the end of the period, average UK property prices stood at £288,000, which was £3,000 lower than at the same point a year ago.
The ONS house price index uses Land Registry data and is based on the average sold price of the average property.
