The areas that saw the biggest house price jumps and drops revealed

The North West had the highest proportion of homes registering larger value increases of 5% or more

Vicky Shaw

PA Personal Finance Correspondent

Monday 12 February 2024 07:41 EST

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25% of homes are estimated to have gained between 1% to 5% in value last year (PA Archive)

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The areas of the UK that saw the biggest concentrations of house price jumps and drops has been revealed.

Around one in 10 homes across Britain increased by 5% or more in value last year, despite the tough property market, according to research.

Despite high mortgage rates and the continued pressure on living costs, Zoopla estimated that around one in five (21%) properties held their value last year, with no significant change.

A further 25% of homes are estimated to have gained between 1% to 5% in value last year, while 10% gained 5% or more.

Nearly a third (31%) are estimated to have lost between 1% and 5% of their value, while one in seven (13%) lost 5% or more.

Homeowners who saw their property increase in value in 2023 had an average rise of £7,800 – or around £21 per day, Zoopla said.

It made the calculations by comparing value estimates for UK homes in December 2022 to those in December 2023.

Locations with biggest concentrations of house price jumps and drops revealed

According to Zoopla

Here are the local authority areas across Britain with the highest concentrations of homes increasing in value by 5% or more in 2023, according to Zoopla, with the percentages of homes which recorded gains of this size:

1. Rossendale, North West, 44.2%

2. Blackburn with Darwen, North West, 34.5%

3. Telford and Wrekin, West Midlands, 32.6%

=4. Merthyr Tydfil, Wales, 32.3%

=4. Burnley, North West, 32.3%

6. Bolton, North West, 31.1%

7. Inverclyde, Scotland, 30.0%

8. Glasgow City, Scotland, 29.7%

9. Carlisle, North West, 28.9%

10. Knowsley, North West, 27.9%

And here are the areas with the highest concentration of homes with value loss of 5% or more, according to Zoopla, with the percentages of homes which recorded losses of this size:

1. Dover, South East, 52.4%

2. Hastings, South East, 50.7%

3. Aberdeen City, Scotland, 45.1%

4. Canterbury, South East, 43.4%

5. Thanet, South East, 40.9%

6. Rother, South East, 38.6%

7. Folkestone & Hythe, South East, 35.8%

8. Tendring, Eastern England, 35.3%

9. Moray, Scotland, 32.1%

10. South Holland, East Midlands, 31.5%

England’s North West had the highest proportion of homes registering larger value increases of 5% or more, at 17%. It was closely followed by Scotland, with 16% of homes there seeing value increases of 5% or more in 2023.

Zoopla expects house prices to fall by 2% in 2024 across the UK, but exactly how this affects individual UK homeowners will depend on the location, it said.

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