WARRINGTON is the worst place in the north west for house price growth.
Data from Halifax shows that house prices across the UK have rocketed, in keeping with rising inflationary pressures.
However, despite prices rising in Warrington, the housing market is not as strong here as it is in other parts of the country.
Our research has shown that 1 in 5 Brits have considered downsizing in the current climate. This can be a big decision, so check out our article on some of the pros and cons: https://t.co/ih6SAWyL7k
— Halifax (@HalifaxBank) December 22, 2022
Source: Halifax Downsizing Survey Nov 2022 pic.twitter.com/2hDR1Jec7n
Warrington is in the 20 areas of the UK with the worst house price growth since March 2020, the data reveals.
According to Halifax, house prices in Warrington have grown by 1.8 per cent since 2021, which is an average increase of more than £5,000 per property.
The average price of a home in the town increased from £277,378 in 2021 to £282,457 in 2022.
Warrington is worst in the north west, with Oldham coming in as second-worst in the region - Oldham's housing market has remained fairly stagnant, with a year-on-year growth of two per cent, marginally higher than Warrington's.
However, the average property in Warrington is more expensive than the average house in Oldham, despite the differences in percentage growth.
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— Halifax (@HalifaxBank) December 9, 2022
Overall, however, it would seem as though the housing market is becoming more stable, given that Warrington's market price has grown by 23.6 per cent since the pandemic began - meaning that the town has not been left behind.
In monetary terms, that means that the average house in Warrington has increased in price by £53,968 since March 2020.
The area with the largest amount of growth between 2021 and 2022 was the city of York, which saw prices rise by over 23 per cent, which was a jump of around £70,000 in 12 months.
On the flip side, the area with the lowest amount of growth in its housing market was Leicester, which actually experienced a fall in the price of the average property, dipping by more than £10,000 from £281,305 in 2021 to £271,092 in 2022.
The average house price rose 12.6% in the UK in the year to Oct 2022, up from 9.9% in Sep.
— Office for National Statistics (ONS) (@ONS) December 20, 2022
The increase in the annual percentage change was partly caused by a sharp fall in UK average house prices in Oct 2021, following changes to Stamp Duty Land Tax.
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No boroughs of London featured in the top 10 areas for house price growth, with Halifax's mortgage director, Kim Kinnaird, saying: "While existing homeowners will welcome the increased value of their home, such a jump makes it much more challenging for those looking to step onto the property ladder or move into the city.
“While London still has some of the highest property prices in the country, it recorded comparatively modest house price inflation over the last 12 months.
"This is partly due to pandemic-driven shifts in housing preferences as buyers sought bigger properties further from urban centres."
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