0:03 AM, 2nd January 2025, About 11 months ago
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House prices rise across the UK in 2024, but London sees a dramatic drop, according to Yopa.
According to the estate agents, house prices across the UK as a whole have risen by 5.1%.
However, London experienced the worst-performing property market in 2024, with house prices falling by 14.5%.
Data by Yopa reveals the North East tops the table of house price growth having seen a jump of 7.3% versus 1.4% in London – the region with the lowest rate of growth.
However, when it comes to the house price winners in 2024, it’s one area of Northern Ireland that tops the table.
The Northern Irish area of Causeway Coast and Glens has seen the average house price climb by a huge 13.8% since the start of the year alone, the highest rate of growth in the UK.
Oxford ranks second where house prices are up 12.5%, with Blackburn with Darwen sitting third with a 12.1% increase.
Other areas to make the top 10 include Clackmannanshire (11.5%), Tewkesbury (11.2%), Tower Hamlets (11%), Moray (10.8%), Renfrewshire (10.2%), East Renfrewshire (10%) and Bassetlaw (9.8%).
Chief executive of Yopa, Verona Frankish, says 2024 has seen house prices rise across the UK.
She said: “Despite the ongoing challenges faced, particularly with respect to higher mortgage rates, it’s been a largely positive year for the UK property market.
“We’ve seen buyers returning, more offers being made and accepted and house prices rising consistently throughout the year.
“In fact, property values have climbed notably across many areas of the market and the top 10 highest rates of growth include areas from the length and breadth of the UK. Not such great news if you live in London’s high-end neighbourhoods though, with prime boroughs accounting for half of the worst performing areas in 2024.”
Kensington and Chelsea saw the average house price fall by 12.5%, while property values in Westminster dropped by 10%.
Other areas that saw the largest reductions include the Western Isles (-6%), Camden (-4.7%), Gwynedd (-4.5%), Isle of Wight (-4.4%), South Hams (-4.3%), Hammersmith and Fulham (-3%), and Worthing (-2.3%).
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