House prices in the North East of England rose by 7.3% from January to October, the sharpest increase across the regions, research from an estate agent found.
Based on figures from the Office for National Statistics (ONS), estate agent Yopa revealed that house prices in the North East had gone up by £11,334 since the start of the year to £167,132 in October.
This was followed by the North West and Northern Ireland, where prices rose by 6.7% separately, representing increases of £14,122 and £11,910 to £225,360 and £190,553 respectively.
The region with the lowest house price growth over this period was London, with a 1.4% increase to £519,579. In monetary terms, values were £7,137 higher.
Overall, house prices across England have risen by 4.8% or £14,252 in this time to average £308,781. Across the UK, there has been a 5.1% or £14,170 uplift to £292,059.
As for local areas, house prices in Causeway Coast and Glen in Northern Ireland recorded a 13.8% jump from January to October to average £212,379. This was a £25,741 increase.
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The location was followed by Oxford in the South East of England, where average prices rose by 12.5% or £54,123 to £488,576.
The biggest reduction was seen in the City of London, where house prices fell by 14.5% or £121,287 to average £716,754.
Other prime property locations in the English capital also saw severe price drops, such as Kensington and Chelsea, with a 12.5% drop to £1.12m, and Westminster, where values declined by 10% to £959,769.
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.”
