Most UK homeowners have seen their property rise in value by more than the cost of Christmas this year, despite a subdued housing market, according to new analysis from estate agent Yopa.

The research compares house price movements since January with average household spending over the festive period.

It shows that the average UK house price has increased by £4,583 so far this year, comfortably exceeding the typical Christmas spend of £1,626.

AROUND THE REGIONS

At a regional level, house prices have risen by more than the cost of Christmas in all but three areas of the UK.

The South East recorded an average increase of £1,449, while prices in the South West rose by just £446. London was the weakest performer, with average prices down £16,711 since the start of the year.

Yopa’s analysis suggests that price growth has been particularly pronounced at a local authority level. In 258 local authorities, average house prices have risen by more than enough to cover festive spending.

Uttlesford recorded the largest increase, with average values up £31,061.

Uttlesford recorded the largest increase, with average values up £31,061, followed by East Cambridgeshire (£28,066), Horsham (£27,522), Oxford (£26,520), Bromley (£26,421), East Hertfordshire (£26,166), Southwark (£25,484) and Chelmsford (£22,920).

However, the picture is not universal. In 102 local authorities, house price growth has failed to match the cost of Christmas, while prices have fallen outright in 73 areas.

The sharpest declines were recorded in the City of London, where average prices fell by £209,996, followed by Kensington and Chelsea (£132,339) and the City of Westminster (£126,531).

UNSETTLED YEAR

Verona Frankish (main picture, inset), chief executive of Yopa, said: “It’s been a somewhat unsettled year for the UK property market, overshadowed by economic uncertainty which has resulted in a muted level of market activity right up until last month’s Autumn Budget.

“Despite this, the market has stood strong, and whilst we haven’t seen the meteoric rates of house price growth recorded during the pandemic years, the vast majority of homeowners have still seen the value of their home increase, and in many cases by more than enough to cover the cost of Christmas.”