Top performing regions for house price growth

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According to Halifax’s report, Scotland saw significant house price growth, with the average property price now £205,170, a 2.6% increase or £5,277 in cash terms year-on-year. Other regions showing strong house price performance include the North-West, and Yorkshire and the Humber, with 0.3% and 0.1% growth, respectively.

  1. Scotland
  2. North-West
  3. Yorkshire and the Humber

On a more local level, several areas across the UK show particularly strong house price performance. Powys in Wales takes the top spot, with an annual house price growth of 17.4%. East Lindsey in Lincolnshire follows closely behind, with a growth of 13.3%, making it the strongest-performing area in England for property price inflation over the last year. Moray in Scotland makes the top three, with an impressive house price growth of 10.7%.

  1. Powys, Wales
  2. East Lindsey, Lincolnshire
  3. Moray, Scotland

Which regions continue to see house prices fall?

Perhaps unsurprisingly, the Southeast and London continue to see the worst annual house price growth performance. Prices in the Southeast fell the most throughout 2023 despite the average sale price significantly higher than that of Scotland, at £376,804. This is an annual change of -4.5%, or a drop of £17,555.

Similarly, despite London retaining the top spot for the highest average house price across all UK regions at a staggering £528,798, the capital saw prices drop by 2.3% annually.

What does this mean for UK landlords?

If you’re considering your next property investment purchase, the top areas to consider are regions where house prices show positive signs of growth. Properties in these regions offer opportunities for higher returns on investment in the long term. Therefore, with house prices unlikely to peak much higher this year, landlords now have an excellent opportunity to secure a competitive purchase price on these properties.

Please remember though, Expat mortgages for Scottish properties are harder to find, with only six lenders out of a possible 23 expat mortgage companies happy to lend in Scotland.

Kim Kinnaird, Director at Halifax Mortgages, notes: “There are multiple factors which can impact house prices in your local area, ranging from the mix of properties available and the extent of any new housing to the quality of schools and abundance of job opportunities.

“What’s clear is that the UK housing market is not a single entity that performs in a uniform way across the country, there are differences.

“While at a national level, the current squeeze on mortgage affordability has seen property prices fall over the last year, in many regions, there remain pockets of house price growth. While a limited supply of properties for sale could be a factor, this also suggests in some areas, local market activity – and demand among buyers – remains strong.”

Whether you’re a first time investor, or a professional landlord, our Expat Mortgage Expert is ready to take your call.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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