Two areas of Greater Manchester have seen a significant rise in house prices in the first half of 2024, according to an analysis by property website Zoopla. Around 15 million UK properties have increased in value by more than 1 percent so far this year, with the average home value rising by £2,400 to be worth £278,000.
Homeowners in the north are most likely to have experienced an increase in their home’s value since the start of 2024. Terraced homes valued below £150,000 in northern regions are seeing the biggest growths of up to 5 percent, which Zoopa attributes to the popularity of “value-for-money” homes among buyers facing higher mortgage costs.
Amongst these areas to have seen house prices rise are Oldham and Wigan, where property values have increased by up to 4 percent in the first half of the year. It’s a different story in southern England, where high mortgage rates have continued to impact affordability and fewer homes increased in value in the first half of the year.
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Zoopla generates value estimates for nearly 30 million UK homes each month, using a combination of local sold and asking prices to provide an indicative home value. Their data suggests that while about half of UK homes have increased in value in the first half of 2024, most of these gains were relatively modest.
Zoopla’s senior property researcher, Izabella Lubowiecka, commented: “Growing buyer confidence and a rising volume of transactions in the first half of 2024 are translating into firmer home values. Half of UK homeowners registered value increases this year the highest proportion since December 2022. For many homeowners, equity gains are an important part of unlocking their next home move.”
Here Zoopla has identified the top areas with the most homes increasing in value from January to June. The data includes the average house price, the change in value over the last six months and the percentage of homes that have risen in value.
Oldham
Oldham emerges at the top with an average price of £176,400 and a 3.9 percent increase in the last six months, with around 83 percent of homes in the borough now valued at £7,100 higher on average.
Wakefield
Second is Wakefield, where around 77 percent of homes are now typically valued at £183,400 after rising by 2.9 percent.
Durham
Durham ranks third with average housing prices set at £130,500 after a £4,700 increase in property values, affecting around 76 percent of homes.
West Central London
In fourth place, around 72 percent of properties in West Central London have seen their value go up by 2.2 percent to £888,300.
Darlington
Following closely is Darlington, with an average house value of £156,800 which is now 3.1 percent higher for around 71 percent of homes.
Watford
Watford makes the list after the average property price has now gone up by 2.3 percent to £497,000, covering 70 percent of homes in the area.
Bradford, Stoke-on-Trent and Wigan
Equally placed at seventh are Bradford, with a typical price of £171,300, Stoke-on-Trent averaging at £191,000 after a 2.6 percent increase, and Wigan where the average cost of £168,900 comes after around 69 percent of homes have seen a 2.6 percent house price growth.
Bath
Lastly, Bath is listed where the average home is priced at £333,500, with a growth of 2.0 percent seen in around 68 percent of houses.