York sees fastest house price rise in UK in 2022 according to Halifax

The house price inflation in York is the highest in the country Credit: PA Images

House prices rose faster in York than anywhere else in the country in the last year, according to new figures.

Financial services provider Halifax said property prices in the historic city increased by an average of 23.1%.

Buyers can now expect to pay £370,639 on average – up more than £109,000 from the average of £261,183 paid in March 2020.

Woking (19%), Swansea (17.5%), Chelmsford (16.8%) and Kettering (15.9%) made up the five UK locations where house prices rose fastest in 2022.

At the other end of the scale, house prices in Hull in East Yorkshire fell by an average of 2.9%, from £168,632 to £163,677 on average. Only Leicester, where average values were down 3.6%, performed worse in 2022.

House prices in Hull fell in 2022. Credit: ITV News

Huddersfield and Wakefield were the two other locations in Yorkshire in the bottom 20, with average price increases of 1.9% and 2.4% respectively.

Kim Kinnaird, mortgages director at Halifax, said: "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."

On average, UK property prices have risen by 26% since March 2020.

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