Though there have been fluctuations, property prices across the UK have soared over the last few years, which can make buying a house feel like an impossible task for the average earner. And that’s before we even take into account the higher mortgage interest rates.
Despite this, rising house prices in an area are a good indicator of growing interest in said area, and can sometimes indicate that a location has, or will soon have lots to offer residents, and could also prove to be a good investment for buyers in years to come.
In fact, one town in the UK has recently become an example of huge house price growth in the last year – and it may not be where you’d expect.
The northern town where house prices have boomed
According to building society Halifax, house prices in the West Yorkshire town of Huddersfield have grown faster than anywhere else in the UK in the last year – up by 8.7% as of October 2023, in comparison to October 2022.
In second place is the close-by city of Bradford in West Yorkshire, which saw an 8.5% boost in house prices across the same period, proving that the region has been a popular choice over the last 12 months.
And taking the third spot is the town of Falkirk in Scotland, which sits just an hour away from Edinburgh – house prices here boomed by 6% from October 2022 to October 2023.
So what is it about the northern town of Huddersfield that has led to its boom in property prices over the last 12 months?
According to estate agent Russell Chilvers, partner at Mansell McTaggart, it may be due to the fact that Huddersfield is neatly surrounded by a range of big, bustling cities; it sits smack bang in the middle of Leeds, Sheffield and Manchester, taking just over an hour to reach the latter.
‘I’d suggest the house price growth in Huddersfield may be because buyers have been priced out of the more trendy Manchester and Leeds addresses, so they naturally spill out to areas close by. This pushes prices up, which were quite low to start with, and creates a new hub/bubble of property,’ Russell says.
‘For example, the same thing has happened around Brighton & Hove, where I work. Buyers are being priced out of Brighton, so now the new hotspots are places like Worthing and Shoreham – in fact, this is happening in many areas close to main cities.’
Property expert Simone Santaub at Property Rescue also suggests that new interest in Huddersfield could be due to the great value-for-money homes the town offers, which, while attractive to everyone, may be particularly interesting to one group of buyers.
‘Our suggestion for the price increase would be because the properties are relatively good value for money i.e. lower acquisition cost than properties in the South.
(Image credit: Future PLC/Matt Cant)
‘Huddersfield properties would therefore appeal to Buy to Let investors, as they would return a high rental yield. We know that demand for rental properties in that area is high (like most of the country) and therefore, I’m sure the activity in this area is being at least partly propped up by demand from Buy to Let Investors.’
And then, of course, there are the positives that Huddersfield itself has to offer. Major investment is soon said to be coming to the town, according to The Guardian, and the stunning countryside surrounding Huddersfield is likely to be a huge draw for buyers, too.
Not only does much of Huddersfield have beautiful views of the Pennines, but there are also an array of adorable villages nearby, such as Haworth and Holme Moss, to offer some peace and quiet to nearby residents, too.