Last week Halifax released new data about house prices in the UK. The figures show which areas had growth in 2023 and which saw prices decline. We want to take a look at the details here. Then, if you need guaranteed rent in Hillingdon and other parts of London, you can rely on us.

Overall

Sadly 2023 was quite a tough year for house prices. A number of factors meant they fell by 1% on average over the course of the year. Most notably, high interest rates have made mortgages less affordable. For some, it has meant any plans to purchase a home have been put on the shelf. The high cost of living has also had an impact too, meaning fewer people will have been able to save towards a deposit to buy.

To put how difficult the period has been into perspective, the biggest dip in house prices was Stoke-on-Trent. Values here were down 15% in the year. This means the average value of a house fell by £30,978. Perth in Scotland had the second biggest fall at 14.1%, wiping £34,324 off values.

Some positives

It wasn’t all doom and gloom though. Some areas managed to buck the trend and actually saw prices increase in 2023. The biggest rise was in Huddersfield. Growth of 8.5% in 2023 means house prices start this year over £22,000 higher. Bradford had an impressive increase in values too, adding 8.5% or an average of £15,183.

London had two areas that had growth in the period. The top area was Hillingdon, gaining 4.5% in the year. In monetary terms that added an average of £22,677 to house prices. This will be great news for investors and landlords, even if you already have the luxury of guaranteed rent in Hillingdon.

The other spot in London to enjoy growth in 2023 was Newham. It saw a healthy rise of 2.8%. As a result, the average house price is now £12,771 higher.

What next?

Many people will be starting 2024 wondering what it will mean for house prices in the coming months. Sadly, Halifax is predicting prices will fall again. They expect them to dip between 2% and 4% in the next 12 months.

However, experts are warning there is a silver lining. While house values may dip a little, the larger picture is still positive. The average house price is still massively ahead of what it was before the covid 19 pandemic. In fact, the average property is worth approximately £40,000 more.

Ask us about guaranteed rent in Hillingdon

If the growth in prices has made you consider Hillingdon for your next investment, you can rely on us to help. We offer a range of wonderful services, including property management and rent guarantees. Our goal is to make sure every client is happy and gets the right solutions.

So, contact us today to discuss guaranteed rent in Hillingdon or your unique needs. We would be happy to showcase what we can do and why it will be so valuable to you.