New research has revealed the UK cities with the most unstable property prices, with Winchester topping the ranking.
House buying experts at House Buyers for You examined data from HM Land Registry to determine the cities with the largest property price increases from October 2023 to August 2024.
According to the study, Winchester has the most unstable property prices in the UK, experiencing an average yearly percentage increase of 9.20%. In 2023, the average cost of a property in Winchester was £463,068, but this has since skyrocketed to £504,693. The research found that Winchester experienced some of the highest price increases for a semi-detached property in the UK, with a jump from £456,507 in 2023 to £497,390 by August 2024.
Newry is named as the city with the second-most unstable house prices, with an average yearly percentage increase of 8.90%. In October 2023, the average cost of a property in the city was £190,621, but this has since jumped to £202,524 in 2024.
Armagh has the third-most unstable property prices in the UK, with an average yearly percentage increase of 7.60%. In October 2023, the average cost of a property in the Northern Ireland-based city was £159,628, but this has increased to £165,470 by August 2024.
Wolverhampton is in fourth place, with an average yearly property price increase of 7.50%. In October 2023, the average price of a house in Wolverhampton was £203,994, but this jumped to £213,527 over a 10-month span. According to the study, Wolverhampton experienced the highest price increases in the UK for the average cost of a semi-detached house and a flat in the city.
Bradford ranks fifth, with an average yearly property price increase of 7.20%. In October 2023, the average cost of a property in the city was £176,102, but this had increased to £187,622 by August 2024. Semi-detached houses were among the most impacted property types in Bradford, increasing from an average cost of £186,851 in 2023 to £200,364 in 2024.
Newcastle-upon-Tyne is in sixth place, with an average yearly property cost increase of 7.10%. In 2023, the average cost of a property in the city was £191,877, but this has risen to £202,936 in 2024. According to the study, Newcastle experienced some of the highest property increases for semi-detached houses in the UK, with an increase of £16,565 between October 2023 and August 2024.
The study found that Edinburgh has the seventh-most unstable house prices in the UK, with an average yearly increase of 6.50%. Back in 2023, the average cost of a property in the city was £319,475, but this had risen to £339,034 by August 2024.
Belfast is in eighth place, experiencing an average yearly property price increase of 6.30%. According to the research, the average cost of a property in the city was £162,515 in October 2023, but this jumped to £168,054 by August 2024.
Lisburn is named as the UK city with the ninth-most unstable property prices, with an average yearly increase of 6%. In October 2023, the average price of a property in the city was £204,932, but this had skyrocketed to £215,464.
Wakefield is in tenth place, with an average yearly price increase of 5.80%. In October 2023, the average price of a property in the city was £196,869, but this had risen to £208,699 by August 2024. The study found that flats were among the most affected property types in Wakefield, with an average increase of £5,200 within a ten-month period.
Meanwhile, the study named Westminster as the UK city with the most stable property prices, experiencing an average yearly decrease of 6.50%. However, the average price of a property in the city still comes in at a staggering £984,294 in 2024.
Other cities with stable property prices include Portsmouth, with an average yearly decrease of 4.30%, and Lincoln, with an average decrease of 3.90%.
Paul Gibbens, a property expert at House Buyers for You, commented:
“It’s staggering to see the rise in property costs across the UK. The ongoing rise in property prices, coupled with the cost-of-living crisis, poses significant challenges for first-time homebuyers.
“Recent research by the English Housing Survey demonstrates that the average age of getting on the property ladder is now 32, with the average house deposit weighing in at £45,000.
“This study demonstrates the growing demand for the government to implement more policies to support first-time homebuyers in the UK, whether this involves increasing access to affordable housing and introducing further financial incentives to support younger individuals secure a deposit on a house.”
