Blackburn with Darwen is among the locations with the biggest concentrations in significant house price rises in 2023, according to new data.
The data found that around one in 10 homes across Britain increased by five per cent or more in value last year.
Despite high mortgage rates and the continued pressure on living costs, Zoopla estimated that around one in five (21 per cent) properties in the UK held their value last year, with no significant change.
England’s North West had the highest proportion of homes registering larger value increases of five per cent or more, at 17 per cent.
While this is good news for property owners already on the market, the news might be less appealing to first time buyers.
Rossendale took the top spot and 44 per cent of homeowners in the borough saw at least a five per cent jump in value of their properties.
In Blackburn with Darwen the figure is 34.5 per cent, which is the second highest in the UK.
Burnley tied for fourth place, along with a town in Wales, at 32.3 per cent.
Quesir Mahmood, executive member for growth and development at Blackburn with Darwen Council, said the data is good news for property owners in the borough.
He said: “[The reason for the property value increase] is a culmination of a number of things with our house building programme and putting a lot of good quality housing in [Blackburn with Darwen].
“[House prices] have increased in value which is a real positive for house owners and people who appreciate that.
“In the data and analysis we do, when we are looking at our house sales from developers, there is a good mix of people in the borough purchasing the homes as first time buyers, or people moving into better quality or bigger housing.
“There is also good data to suggest a decent chunk of people are coming from outside the borough [to buy houses], which is positive and exactly what we want to do.
“We want to attract people from other towns, so they can live in Blackburn and make it their home.”
Homeowners who saw their property increase in value in 2023 had an average rise of £7,800 – or around £21 per day, Zoopla said.
It made the calculations by comparing value estimates for UK homes in December 2022 to those in December 2023.
Zoopla expects house prices to fall by two per cent 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.”
Here are the local authority areas across Britain with the highest concentrations of homes increasing in value by five per cent or more in 2023, according to Zoopla, with the percentages of homes which recorded gains of this size:
1. Rossendale, North West, 44.2 per cent
2. Blackburn with Darwen, North West, 34.5 per cent
3. Telford and Wrekin, West Midlands, 32.6 per cent
=4. Merthyr Tydfil, Wales, 32.3 per cent
=4. Burnley, North West, 32.3 per cent
6. Bolton, North West, 31.1 per cent
7. Inverclyde, Scotland, 30.0 per cent
8. Glasgow City, Scotland, 29.7 per cent
9. Carlisle, North West, 28.9 per cent
10. Knowsley, North West, 27.9 per cent