As we near the end of the year, people will be reviewing their portfolios and planning their strategies for 2025. It is quite good timing then that Halifax has had a look at the data for the regional house price risers and fallers for the year to September 2024. It is worth a look, especially if you are thinking about property investment in Kingston upon Thames and other parts of London.
Top risers
Some areas had a really impressive 2024, with values climbing. Interestingly, many of the top risers were locations that lost a lot of value in 2023. The cooling of prices the previous year meant a number of them were among the most affordable locations this year.
The headline here was Stoke-on-Trent. It was the biggest faller in 2023. However, to September 2024 it bounced all the way back to the top of the charts. Prices were up an amazing 17.2%, with the average at £227,002.
Slough and Oldham took the second and third spots on the list of risers. They had price increases of 14.9% and 14.6% respectively, with their averages at £497,704 and £250,546.
Top fallers
Unfortunately, it wasn’t good news for all areas; a number of them had a dip in house prices.
It was a surprising year for London. Overall, prices in the city were up 3.6%. However, several boroughs were on the list of the biggest fallers. If you’re considering property investment in Kingston upon Thames, keep in mind it was fifth on the list. Prices were down 4.2%, with the average at £582,282.
Ealing had the biggest fall in house prices of any London Borough. Values were down 4.9%, taking the average to £559,788. Southwark was marginally behind, posting 4.8% and an average of £555,325. Enfield (4%), Harrow (3.6%), Westminster (3.5%), and Bromley (3.2%) then came after Kingston.
Topping the list of fallers was Huddersfield. Values were down 6.6%, averaging at £260,498. What makes this more interesting is it’s also a reversal of fortune. It was the top area for price rises in 2023, but was bottom this year.
Things to think about
Many of the areas that have seen a decline in prices have something in common; they’ve had a period where house prices were high. So, they have likely had cooling this year as properties are unaffordable or unattractive. A lot of buyers will have been looking to make their money go further by targeting more affordable locations.
A drop in prices is a negative for anybody trying to sell a property, but it isn’t always a bad thing. In fact, it can be an incentive for potential investors who want a good deal. Kingston upon Thames in particular should be an area people consider. It is regularly voted among the best places to live in London. So, a chance to get a discount on properties is very nice.
Experts at property investment in Kingston upon Thames
Finefair Ltd has a wealth of experience with investment properties. We can provide a number of exceptional services, including guaranteed rent, management, HMOs, and more. We’ll support each client to help you achieve your goals.
So, if you are thinking about property investment in Kingston upon Thames or other parts of the city, speak to us. We work with all kinds of residential properties, from houses to apartments in large or small blocks.
