York house prices rise faster than any other place in the UK
Property prices have increased by £70,000 in 2022
Last updated 30th Dec 2022
York saw the strongest house price growth across towns and cities in England and Wales in 2022.
Halifax analysis shows properties in the city have seen an average increase of nearly £70,000.
That's an increase of 23% over the course of the year.
Unlike in previous years, the list of areas with the highest growth is not dominated by the South East - instead York is joined by Woking and Swansea in the top 3.
Kim Kinnaird, Mortgages Director, Halifax, said: “Overall 2022 was another year of rapid house price growth for most areas in the UK. And unlike many years in the past, the list isn’t dominated by towns and cities in the South East.
“Nowhere is that more the case than in the cathedral city of York, which saw the highest property price inflation across England and Wales this year, rising by over a fifth. 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."
What makes York so popular?
Since March 2020, the month when the coronavirus lockdowns started in the UK, average house prices in York have surged by 41.9% or £109,457, meaning typical property values there have risen to £370,639.
Analysis by Halifax, found many reasons why the city is the country’s highest performing location.
Enveloped within Roman walls, the city's attractions include York Minster, medieval shopping streets such as the Shambles, historic pubs, the Yorvik Viking Centre and York Dungeon.
People with a sweet tooth will also find much to do in the city, which boasts Bettys cafe tea rooms and York's Chocolate Story.
York also has strong connections with highwayman Dick Turpin, who spent his final days there.
London no longer calling?
While house prices in London have increased at a slower pace (+7.2%) than other parts of the UK, prices in the capital are still comfortably the most expensive in the country at £596,667.
No London boroughs appeared in the top growth areas for year-on-year house price increases.
The popular residential district of Islington saw a rise of only +0.4% over the year, among the lowest in the country. However, properties in the area still had a large average price tag of £712,843.
Tom Bill, head of UK residential research at estate agent Knight Frank, said: "This year saw the 'escape to the country' trend wind down while the return to towns and cities gathered pace.
"York captures the best of both of those worlds. Many people moved to Yorkshire during the pandemic due to family ties and the relative affordability compared to areas such as the Cotswolds.
"Meanwhile, the strength of south-east England underlines the gravitational pull of the capital as the economy reopens.
"London prices were more muted due to affordability constraints that predate the pandemic, which mean prices in the commuter belt and beyond should continue to outperform the capital in the medium-term."
The UK top 20
Here are the cities and towns in England and Wales with the strongest annual percentage increases in house prices, according to Halifax, with the region and the average house price followed by the increase in cash and percentage terms (figures show the change in the 12 months to November 2022):
- York, Yorkshire and the, Humber, £370,639, £69,648, 23.1 per cent
- Woking, South East, £586,925, £93,626, 19 per cent
- Swansea, Wales, £265,379, £39,450 17.5 per cent
- Chelmsford, East of England, £485,770, £69,775, 16.8 per cent
- Kettering, East Midlands, £326,895, £44,731, 15.9 per cent
- Derby, East Midlands, £277,491, £37,953, 15.8 per cent
- Wellingborough, East Midlands, £306,985, £41,087, 15.5 per cent
- Peterborough, East of England, £289,994, £37,599, 14.9 per cent
=9. Bristol, South West, £394,126, £50,864, 14.8 per cent
=9. Cambridge, East of England, £531,730, £68,586, 14.8 per cent
- Brentwood, East of England, £533,327, £66,998, 14.4 per cent
- Bournemouth, South West, £365,148, £45,559, 14.3 per cent
- Hove, South East, £526,201, £65,255, 14.2 per cent
- Colchester, East of England, £377,003, £46,208, 14 per cent
- Birmingham, West Midlands, £269,385, £32,563, 13.8 per cent
- Milton Keynes, South East, £416,496, £49,594, 13.5 per cent
- Newcastle-upon-Tyne, North East, £260,675, £30,157, 13.1 per cent
- Nottingham, East Midlands, £286,696, £32,966, 13 per cent
- Southampton, South East, £316,286, £36,151, 12.9 per cent
- Cheltenham, South West, £406,767, £45,972, 12.7 per cent