Merthyr Tydfil records one of highest concentrations of house price rises in UK

Merthyr Tydfil has recorded one of the highest concentrations of homes increasing in value across the UK last year, according to a new report.

The Welsh town made it into the top five locations to record gains of 5% or more in 2023, according to property website Zoopla’s research.

Overall, around one in 10 homes increased by 5% or more in value last year, despite the tough property market.

Despite high mortgage rates and the continued pressure on living costs, Zoopla estimated that around one in five (21%) properties held their value last year, with no significant change.

A further 25% of homes are estimated to have gained between 1% to 5% in value last year, while 10% gained 5% or more.

Nearly a third (31%) are estimated to have lost between 1% and 5% of their value, while one in seven (13%) lost 5% or more.

Homeowners who saw their property increase in value in 2023 had an average rise of £7,800 – or around £21 per day, Zoopla said.

Value estimates

It made the calculations by comparing value estimates for UK homes in December 2022 to those in December 2023.

England’s North West had the highest proportion of homes registering larger value increases of 5% or more, at 17%. It was closely followed by Scotland, with 16% of homes there seeing value increases of 5% or more in 2023.

Zoopla expects house prices to fall by 2% in 2024 across the UK, but exactly how this affects individual UK homeowners will depend on the location, it said.

Izabella Lubowiecka, senior property researcher at Zoopla, said: “While national house prices indices pointed to modest house price falls over 2023, our property-by-property level tracking of home values shows that most homes saw their value unchanged or slightly higher over the year. Value reductions were focused in southern England while modest gains were recorded in lower priced, more affordable housing markets.”

The local authority areas across the UK with the highest concentrations of homes increasing in value by 5% or more in 2023, according to Zoopla, with the percentages of homes which recorded gains of this size:

1. Rossendale, North West England, 44.2%
2. Blackburn with Darwen, North West England, 34.5%
3. Telford and Wrekin, West Midlands England, 32.6%
4. Merthyr Tydfil, Wales, 32.3%
5. Burnley, North West England, 32.3%
6. Bolton, North West England, 31.1%
7. Inverclyde, Scotland, 30.0%
8. Glasgow City, Scotland, 29.7%
9. Carlisle, North West England, 28.9%
10. Knowsley, North West England, 27.9%

The areas with the highest concentration of homes with value loss of 5% or more, according to Zoopla, with the percentages of homes which recorded losses of this size:

1. Dover, South East England, 52.4%
2. Hastings, South East England, 50.7%
3. Aberdeen City, Scotland, 45.1%
4. Canterbury, South East England, 43.4%
5. Thanet, South East England, 40.9%
6. Rother, South East England, 38.6%
7. Folkestone & Hythe, South East, 35.8%
8. Tendring, Eastern England, 35.3%
9. Moray, Scotland, 32.1%
10. South Holland, East Midlands, 31.5%