According to Halifax, more than 70 local areas have weathered the national decline in house prices and seen prices rise over the past year.
Some areas have even seen double-digit growth, despite the average UK house price falling 3.9 per cent year-on-year, according to the mortgage lender.
Powys rose the most, with homeowners in the Welsh district seeing the value of their homes rise by 17.4 per cent compared to this time last year.
This was despite average prices in Wales falling by 3.6 per cent.
Outliers: More than 70 local authorities have weathered the national house price slump and seen prices rise over the past year, according to Halifax
East Lindsey, which flanks the east coast of Lincolnshire and includes coastal towns such as Skegness, Ingoldmells and Chapel St Leonards, has seen annual house price rises of 13.3 per cent.
This is despite house prices in the East Midlands falling by 4 per cent on average.
Moray in Scotland has seen the biggest rise in house prices in Scotland over the last year, with typical prices rising by 10.7 per cent.
This is despite the average property in Scotland falling by 0.8 per cent during that time.
The analysis is based on data from the Halifax House Price Index, which analyzed typical house prices in more than 300 local authority areas across the UK in the three months to September this year, and compared them with the equivalent figures for 2022.
While prices across all UK regions have fallen on average between 0.2 per cent and 5.7 per cent year-on-year, there are local areas in each region that have bucked the downward trend.
Even in London, where annual prices are down 4.8 per cent, there are areas of the capital that have seen prices rise significantly, according to Halifax.
Ealing, west London, has seen average house price increases of 7.5 per cent, according to Halifax, while the City of Westminster and the City of London have seen prices rise by 7.4 per cent. , which equates to an average of £53,108 per property in the past. 12 months.
House prices are on a downward trend – all regions and countries in the UK have recorded annual falls in house prices
Kim Kinnaird, director at Halifax Mortgages, said: “There are multiple factors that can affect house prices in your local area, ranging from the mix of available properties and the extent of any new housing, to the quality of schools and the abundance of job opportunities. .
‘What is clear is that the UK housing market is not a single entity that operates uniformly across the country; differences exist.
‘While nationally the ongoing tightening of mortgage affordability has caused property prices to fall over the last year, pockets of house price growth persist in many regions.
“Although a limited supply of properties for sale could be a factor, this also suggests that in some areas local market activity (and demand among buyers) remains strong.”
Why are Powys, East Lindsey and Moray so popular?
The places where house prices have performed best over the past 12 months share certain things in common.
All benefit from a more remote and rural setting and include areas of outstanding natural beauty.
Powys is the least populated county in Wales. It is known for its market towns and cities, and features a stunning landscape of valleys and mountains, including most of the Brecon Beacons National Park.
Natural Beauty: Powys is the least populated county in Wales and includes most of the Brecon Beacons National Park.
East Lindsey is home to the Lincolnshire Wolds, an area of outstanding natural beauty.
It also has the award-winning Blue Flag beaches of Skegness, Mablethorpe and Sutton-on-Sea.
Moray is another largely rural area, boasting a variety of world-class golf courses and many of Scotland’s whiskey distilleries.
It also includes part of the Cairngorms National Park, and is equally famous for the colony of bottlenose dolphins that live in the Moray Firth.
Popular: East Lindsey boasts the award-winning Blue Flag beaches of Skegness
Nigel Bishop, of buying agency Recoco Property Search, says: ‘An increasing number of house hunters are discovering the benefits of rural living and prefer areas that are not only close to parks but also offer a sense of community and a variety of lifestyle options.
‘It is especially city dwellers and young families, who wish to raise their children in a more picturesque setting, who are driving this demand for properties in a more rural setting.
“Boutique towns and villages with restaurants, cafes, entertainment and sports facilities are especially sought after, which has caused property prices in these areas to rise.”
Scenic: Moray is another largely rural area and includes part of the Cairngorms National Park, and is equally famous for its colony of bottlenose dolphins that live in the Moray Firth.
Can we trust the data?
While Halifax, like Nationwide, is one of the largest mortgage lenders, the data cannot be relied on as a market-wide view of what is happening.
This is because it is based on mortgage applications approved by the lender. This means it excludes mortgage applications with all other lenders.
Also not included are cash buyer transactions, which account for about a third of all sales this year, according to Zoopla. Typically, cash buyers only account for one in five sales.
Some local areas in the UK have bucked the downward trend in house prices and recorded double-digit growth over the past 12 months, according to Halifax.
The fact that mortgage purchases are down by more than a third annually means Halifax will likely have even less data to consult than in previous years.
When you tried to limit house prices to a specific local area, this became even more complicated.
However, despite these limitations, the Halifax analysis shows to some extent how house prices can vary from area to area.
For home seekers, this shows that it can be helpful to focus less on what house prices are doing nationally and more on what prices are doing in your local area.
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