New research from Yopa, the full-service estate agent, has identified the property market winners and losers of 2024, with house prices rising by 5.1% across the UK overall since January.
Regionally, the North East led the way, recording the highest growth of 7.3%, while London saw the smallest increase at just 1.4%.
The biggest success story of 2024 was the Northern Irish area of Causeway Coast and Glens, where house prices surged by 13.8%, the highest rate of growth in the UK. Oxford followed closely with a 12.5% increase, and Blackburn with Darwen ranked third with 12.1%.
Other areas that performed strongly include Clackmannanshire (11.5%), Tewkesbury (11.2%), Tower Hamlets (11%), Moray (10.8%), Renfrewshire (10.2%), East Renfrewshire (10%), and Bassetlaw (9.8%).
Conversely, the property market losers of 2024 were concentrated heavily in London, which accounted for 50% of the top 10 areas with falling prices. The City of London saw the largest decline, with house prices dropping by 14.5%. Kensington and Chelsea followed with a 12.5% decrease, while Westminster recorded a 10% reduction.
Other areas experiencing notable declines include the Western Isles (-6%), Camden (-4.7%), Gwynedd (-4.5%), the Isle of Wight (-4.4%), South Hams (-4.3%), Hammersmith and Fulham (-3%), and Worthing (-2.3%).
Verona Frankish, CEO of Yopa, said: “Despite the ongoing challenges faced, particularly with respect to higher mortgage rates, it’s been a largely positive year for the UK property market.
“We’ve seen buyers returning, more offers being made and accepted and house prices rising consistently throughout the year.
“In fact, property values have climbed notably across many areas of the market and the top 10 highest rates of growth include areas from the length and breadth of the UK.
“Not such great news if you live in London’s high-end neighbourhoods though, with prime boroughs accounting for half of the worst performing areas in 2024.”