The unexpected areas driving the UK property market
The latest market analysis from eXp UK shows that it is Derbyshire, Melton and Oldham that have driven UK house price growth over the last year, having posted the strongest annual increases of all UK local authorities.
As another year comes to a close, eXp UK has analysed annual house price growth across the UK market to reveal which pockets of the property landscape have performed the strongest*. The research shows that, while it has been a more muted year overshadowed by economic and political uncertainty, the market has stood firm, with the average UK house price rising by 1.7% on an annual basis.
However, some areas have significantly outperformed the wider market, with three local authorities achieving double-digit annual growth, demonstrating that strong upward momentum continues to exist in unexpected corners of the country.
The research shows that North East Derbyshire ranks as the strongest-performing housing market over the last year, where average prices have climbed by 10.5%. Melton follows closely at 10.4%, ahead of Oldham, where values have risen by 10.3%.
Further strong performances include Mid Ulster and Derry City and Strabane, both recording close to double-digit growth, while East Cambridgeshire and Argyll and Bute have also seen prices climb by more than 9%. Hartlepool completes the top ten with an annual increase of 9.0%.
Adam Day, Head of eXp UK and Europe, commented:
“While the national picture shows a steady but relatively modest rate of appreciation, it’s clear that there are still pockets of the market delivering incredibly strong growth, despite the wider market uncertainty that has enveloped the UK over the last year.
What is particularly interesting is that many of the top performers are not the usual ‘hotspots’ we associate with rapid price rises and this underlines the ever evolving diversity of the UK housing market.
Even in a year shaped by uncertainty, local fundamentals continue to drive growth and for both buyers and sellers, understanding their local market dynamic is essential, because the national average only tells a fraction of the story.”
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