Lancashire has emerged as a champion in the UK’s property market, with three areas in the county soaring to the top of the list for house price increases.
House-selling website Zoopla has identified Rossendale, Blackburn with Darwen, and Burnley as the top performers in the country for house price growth over the past year. This news is particularly striking given that a whopping 77% of UK homeowners experienced little to no change in their property values in 2023, contradicting previous forecasts of significant price declines.
A Closer Look at the Numbers
Zoopla’s comprehensive analysis reveals some fascinating insights:
- Over half of UK homes either maintained their value or saw an increase in 2023.
- A lucky 10% of homeowners enjoyed a value surge of more than 5%, translating to an average gain of £17,200.
- Conversely, around 13% of properties faced a drop in value exceeding 5%, averaging a loss of £13,200.
The North West Shows Growth
In the North West, a staggering 500,000 homes (17% of the region’s total) appreciated by more than 5%, with an average value increase of £13,200. This impressive performance is largely attributed to factors like high-quality schools, beautiful landscapes, and convenient commuter links.
Rossendale The Crown Jewel
Rossendale stands out, with 44% of its homeowners witnessing a 5% jump in property value. The area’s appeal is bolstered by its reputable schools, stunning natural scenery, and excellent transport connections.
Blackburn, Burnley, and Bolton aren’t far behind, with over 30% of homes in each area appreciating by 5% in value. Zoopla highlights these areas as affordable and increasingly desirable alternatives to Manchester.
The Other Side of the Coin
Not all areas were as fortunate. The South East, particularly the Kent and East Sussex coasts, experienced significant declines, with 18% of homes dropping in value by 5% or more. The average loss here was around £13,200.
- Dover and Hastings saw half of their properties lose more than 5% in value.
- More than 35% of homes in Canterbury, Thanet, Rother, and Folkestone and Hythe faced similar declines.
- The East of England saw an 18% dip in property values, though the average loss was slightly lower at £11,500.
This trend is especially pronounced in coastal and rural areas that were popular during the Covid-19 pandemic, now adjusting as demand cools.
The Winners and Losers – A Summary
Top Gainers
- Rossendale – 44.2%
- Blackburn with Darwen – 34.5%
- Telford and Wrekin – 32.6%
- Merthyr Tydfil – 32.3%
- Burnley – 32.3%
Top Losers
- Dover – 52.4%
- Hastings – 50.7%
- Aberdeen – 45.1%
- Canterbury – 43.4%
- Thanet – 40.9%
Zoopla’s Data
Zoopla assures that their home estimates are based solely on data from regulated sources, including HM Land Registry and Registers of Scotland, official survey records from accredited surveyors, and Energy Performance Certificates.