Three UK regions—the West Midlands, London, and Yorkshire & the Humber—are forecasted to experience notable declines in house prices, according to a report from the property investment platform easyMoney.
The data suggests a fall of -7.8% in the West Midlands, -6.8% in London, and -6.3% in Yorkshire & the Humber.
Conversely, only two areas in Britain might see house prices rise by December. The North West has been witnessing a monthly increase of +0.4% over the last six months, potentially leading to an annual growth of +4.3%, with the possibility of reaching an average price of £330,593.
The North East has experienced a monthly growth rate of +0.2%. If this trend persists until December 2024, house prices could go up by +2.4%, reaching a new average of £164,235.
Jason Ferrando, CEO of easyMoney, said: “The housing market is expected to stabilize in 2024, with property prices largely remaining the same. However, local markets may vary greatly from these general predictions.
“For people interested in property investment this year, knowing which areas are defying the national trend is beneficial. Experts in the field have identified investment hotspots, making it easier for investors to make informed choices.”
Local authorities projected for over 14% growth
Defying the overall trend, ten local markets in Britain are projected to witness substantial growth exceeding +14%.
Amber Valley in Derbyshire has seen an average monthly increase of 2.4%, indicating possible year-end growth of +26.5%.
Following the stabilization of interest rates, Darlington has observed a monthly growth rate of 2.1%, hinting at a potential annual increase of +23.7% in house prices.
Other areas expected to see more than +14% growth include Torfaen (+18.8%), West Devon (+16.6%), Babergh (+15.7%), Rossendale (+14.8%), North West Leicestershire (+14.8%), Greenwich (+14.5%), Hackney (+14.2%), and Chorley (+14%).