New data has revealed towns and cities in the UK with the strongest house price growth saw the average property rise by £50,000 in the past year. Figures released by Halifax suggest in the 12 months up to November 2022, average values increased by 15.2 percent.
Across England and Wales in the past year, it was York that had the highest property price inflation. During the last 12 months, house prices grew by 23.1 percent, which equates to a rise of just under £70,000.
In York, if we go back further to March 2020, average house prices in the city have grown by a whopping 41.9 percent, an increase of just over £109,000.
Woking, which lies just a mere 22 miles from central London saw the biggest increase of any town or city in cash terms. From November 2021, the cost of purchasing a home rose by 19 percent but due to the cost of homes in the area, that equates to an increase of almost £94,000.
London is still top when it comes to average house prices, with people eager to live in the capital. Despite this, house prices rose more slowly, increasing 7.2 percent from November 2021.
Kim Kinnaird, of Halifax, said: “Overall 2022 was another year of rapid house price growth for most areas in the UK. And unlike many years in the past, the list isn’t dominated by towns and cities in the south east.
“Nowhere is that more the case than in the cathedral city of York, which saw the highest property price inflation across England and Wales this year, rising by over a fifth. While existing homeowners will welcome the increased value of their home, such a jump makes it much more challenging for those looking to step onto the property ladder or move into the city.
“While London still has some of the highest property prices in the country, it recorded comparatively modest house price inflation over the last 12 months. This is partly due to pandemic-driven shifts in housing preferences as buyers sought bigger properties further from urban centres.
“We can see this clearly in commuter towns such as Woking, Chelmsford and Hove, which – with their more diverse range of properties perhaps offering better value – recorded much bigger increases over the last year.”
Towns with highest house price growth in 2022
Here are all the towns and cities in England and Wales that have had the highest growth of a house in the last year up to November 2022, and how much a house rose by, and a percentage increase.
York - £69,648 (23.1 percent)
Woking - £93,626 (19 percent)
Swansea - £39,450 (17.5 percent)
Chelmsford - £69,775 (16.8 percent)
Kettering - £44,731 (15.9 percent)
Derby - £37,953 (15.8 percent)
Wellingborough - £41,087 (15.5 percent)
Peterborough - £37,599 (14.9 percent)
Bristol - £50,864 (14.8 percent)
Cambridge - £68,585 (14.8 percent)
Brentwood - £66,998 (14.4 percent)
Bournemouth - £45,559 (14.3 percent)
Hove - £65,255 (14.2 percent)
Colchester - £46,208 (14 percent)
Birmingham - £32,563 (13.8 percent)
Milton Keynes - £49,594 (13.5 percent)
Newcastle Upon Tyne - £30,157 (13.1 percent)
Nottingham - £32,966 (13 percent)
Southampton - £36,151 (12.9 percent)
Cheltenham - £45,972 (12.7 percent)