House prices rise faster in Northern Ireland than anywhere else in the UK - though property values are still the lowest of the four nations

The province’s property values went up by 10.6% over the course of one year, the biggest increase seen in any region of the four nations.

But recent research showed that overall prices are still comparatively low, coming in around £95,000 below the UK-wide average.

The news came from Halifax’s regular survey of nationwide property values, which showed that while prices are going up around the UK, buyers are increasingly finding themselves pushed out of high-cost areas and turning to more affordable regions.

Several London boroughs experienced a fall in prices as the cost of property accelerated outside of many people’s ability to buy, while areas in the north of England and Scotland showed strong growth as demand surged.

The new Halifax survey covers the 12 months leading to September 2024.

In terms of individual cities, Stoke-on-Trent in Staffordshire took the top spot on the risers chart with a 17.2% jump to an average of £227,002 – a huge turnaround after the city was the biggest faller in 2023.

It was followed closely by Slough in Berkshire with a 14.9% surge in prices to an average of £497,704, and Oldham in Greater Manchester, which enjoyed a 14.6% leap to £250,546.

In a similar reversal of fortunes, Huddersfield in West Yorkshire lost its place at the top of the growth league last year to slip to the bottom in 2024, with prices down by 6.6% on average to £260,498.

It was a similar picture in Wirral, Merseyside, where prices dropped 5.4% to an average of £294,250.

London dominated the fallers board, with a raft of boroughs across the capital seeing declines.

Although Northern Ireland was the fasting rising overall region, none of its cities appear in the top 10 risers chart.

Regionally, the south-east of England had the slowest price growth at 1.8%, while Northern Ireland was top of the table with Yorkshire and the Humber in second place at 6.4%.

Said Amanda Bryden, head of mortgages at Halifax: “Some areas of the UK – including Stoke-on-Trent, Wolverhampton and Dunfermline – have seen remarkable house price growth this year, as buyers perhaps seek out more affordable areas where house prices, despite increases, are still coming in under the national average.

“This trend is causing house prices in some areas to flip from slowing, to growing, such as Stoke-on-Trent, which was the biggest faller last year but showed the highest rate of growth regionally this year.”

She added: “The high asking price for London properties means house prices have fallen in several boroughs – perhaps a reflection that the relatively high cost of properties is stretching affordability for buyers, or perhaps what they are willing to pay.”

The past year has seen interest rates cut twice, in August and November, to end 2024 at 4.75%, but buyers are still struggling with affordability as borrowing costs remain high and amid other cost-of-living pressures.

In November of this year, the average UK house price hit a record high for the second month in a row, coming in at £298,083.

While Northern Ireland’s house prices continue to rise, the province’s average property value is £203,131 – so there’s quite a way to go before the region catches up.