An estate agency platform has revealed that the Bath & North East Somerset area is “one to watch” for growth in house prices over the next year.
eXp UK, a platform for personal estate agents and existing estate agency businesses, has analysed data from the Land Registry to calculate the UK housing markets that are bucking the trend of decreasing house prices.
This comes after the latest UK House Price Index (UK HPI) revealed that UK house prices had fallen by 2.1 per cent in the past year, the fastest annual decline the country had seen in more than a decade.
However, eXp UK’s analysis shows that not all areas of the UK have seen house prices fall, with some rising during the period, and some predicted to see rises throughout 2024.
Over the last three months, Bath & North East Somerset has seen some of the country’s strongest increases in house prices, rising by 1.91 per cent.
The region was beaten only by eight other regions, including Melton (2.88 per cent), East Renfrewshire (2.85 per cent), Middlesbrough (2.18 per cent), and Woking (2.14 per cent).
Rounding out the top ten were Rochford (2.09 per cent), Redbridge (2.04 per cent), Caerphilly (2.03 per cent), and, tied with Bath & North East Somerset, North Hertfordshire (1.91 per cent).
Head of eXp UK, Adam Day, commented: “Recent headlines may have been dominated by the ‘worst market performance in 12 years’, but a topline view of market health simply doesn’t paint an accurate picture.
“In fact, across many pockets of the property market house prices have increased considerably over the last year, whilst in others, the market has also been building strong momentum in recent months.
“So while the national picture may suggest that the market is on its knees, this couldn’t be further from the truth and in many areas of the UK, there’s never been a better time to sell.
“An understanding of your local market’s performance is vital when it comes to deciding when to sell and how much for, and it’s this understanding that will ensure you secure the very best price for your home.”