Big differences in house prices changes across the UK amid nationwide downturn

Published

2 years ago

December 28, 2023

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House prices in Huddersfield grew at the fastest rate in the UK in the last year – despite a nationwide downturn – according to a report.

It was one of the locations bucking the national trend, according to the Halifax House Price Trends report, as homes in the West Yorkshire town went for 8.7% more – equating to an extra £22,137 – in the year up to October compared to a year earlier.

Houses in Bradford were also more expensive, up by 8.5% – an extra £15,183 for buyers.

While the percentage increase was lower, the biggest monetary increase in the price of a home was in the London Borough of Hillingdon, which encompasses Heathrow Airport.

There, house prices grew by an average of £22,677, a 4.5% increase, compared to 2022.

London was the region which included the most entries in the top 10 of those experiencing rises: prices in Bexley and Newham also grew.

No clear reasons were given for the rises in those areas. Instead, the director of Halifax mortgages, Kim Kinnaird said house prices can be swayed by many factors such as the number of homes for sale, the local job market, and the kinds of services on offer like public transport, schools and universities.

Halifax said “Huddersfield weathered the UK’s house price downturn best over the last year” but “in many areas house prices remained largely static”.

While the Halifax didn’t publicly reveal all the areas that had seen price falls, the five with the biggest decreases had seen falls of between 13% and 15%.

They included Stoke-on-Trent, Perth and Stockport where prices fell 15%, 14.1% and 13.3% respectively.

Despite the falls, Halifax said prices are an average of £40,000 higher than before the pandemic but did not provide a figure for how much prices in general had changed since last year.

Halifax, along with the Bank of Scotland, is part of the Lloyds Bank Group, the UK’s largest mortgage lender.

The data, released on Thursday, was compiled by looking at prices used in Halifax and Bank of Scotland mortgage approvals in the 12 months to October 2023 compared to the year to October 2022.

Most people in the UK are neither home owners nor mortgage holders, according to Sky News analysis.

The largest group is renters.

Business

Lola’s Cupcakes bakes £30m takeover by Finsbury Food

Published

2 hours ago

August 14, 2025

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Lola’s Cupcakes bakes £30m takeover by Finsbury Food

Lola’s Cupcakes, the bakery chain which has become a familiar presence at commuter rail stations and in major shopping centres, is in advanced talks about a sale valuing it at more than £25m.

Sky News has learnt that Finsbury Food, the speciality bakery business which was listed on the London Stock Exchange until being taken over in 2023, is within days of signing a deal to buy Lola’s.

City sources said on Thursday that Finsbury Food was expected to acquire a 70% stake in the cupcake chain, which trades from scores of outlets and vending machines.

Lola’s Cupcakes was founded in 2006 by Victoria Jossel and Romy Lewis, who opened concessions in Selfridges and Topshop as well as flagship store in London’s Mayfair.

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The brand has grown significantly in recent years, and now has a presence in rail stations such as Waterloo and Kings Cross.

The company employs more than 400 people and has a franchise operation in Japan.

Lola’s is part-owned by Sir Harry Solomon, the Premier Foods founder, and Asher Budwig, who is now the cupcake chain’s managing director.

The deal will be the most prominent acquisition made by Finsbury Food since it delisted from the London market nearly two years ago.

Finsbury is now owned by DBAY Advisors, an investment firm.

A spokesperson for Finsbury Food declined to comment.

Business

UK growth slows as economy feels effect of higher business costs

Published

14 hours ago

August 14, 2025

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UK growth slows as economy feels effect of higher business costs

UK economic growth slowed as US President Donald Trump’s tariffs hit and businesses grappled with higher costs, official figures show.

A measure of everything produced in the economy, gross domestic product (GDP), expanded just 0.3% in the three months to June, according to the Office for National Statistics (ONS).

It’s a slowdown from the first three months of the year when businesses rushed to prepare for Mr Trump’s taxes on imports, and GDP rose 0.7%.

Caution from customers and higher costs for employers led to the latest lower growth reading.

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Business

Claire’s to appoint administrators for UK and Ireland business – putting thousands of jobs at risk

Published

1 day ago

August 13, 2025

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Fashion accessories chain Claire’s is set to appoint administrators for its UK and Ireland business – putting around 2,150 jobs at risk.

The move will raise fears over the future of 306 stores, with 278 of those in the UK and 28 in Ireland.

Sky News’ City editor Mark Kleinman reported last week that the US-based Claire’s group had been struggling to find a buyer for its British high street operations.

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Prospective bidders for Claire’s British arm, including the Lakeland owner Hilco Capital, backed away from making offers in recent weeks as the scale of the chain’s challenges became clear, a senior insolvency practitioner said.

Claire’s has now filed a formal notice to administrators from advisory firm Interpath.

Administrators are set to seek a potential rescue deal for the chain, which has seen sales tumble in the face of recent weak consumer demand.

Claire’s UK branches will remain open as usual and store staff will stay in their positions once administrators are appointed, the company said.

Will Wright, UK chief executive at Interpath, said: “Claire’s has long been a popular brand across the UK, known not only for its trend-led accessories but also as the go-to destination for ear piercing.

“Over the coming weeks, we will endeavour to continue to operate all stores as a going concern for as long as we can, while we assess options for the company.

“This includes exploring the possibility of a sale which would secure a future for this well-loved brand.”

The development comes after the Claire’s group filed for Chapter 11 bankruptcy in a court in Delaware last week.

It is the second time the group has declared bankruptcy, after first filing for the process in 2018.

Chris Cramer, chief executive of Claire’s, said: “This decision, while difficult, is part of our broader effort to protect the long-term value of Claire’s across all markets.

“In the UK, taking this step will allow us to continue to trade the business while we explore the best possible path forward. We are deeply grateful to our employees, partners and our customers during this challenging period.”

Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: “Claire’s attraction has waned, with its high street stores failing to pull in the business they used to.

“While they may still be a beacon for younger girls, families aren’t heading out on so many shopping trips, with footfall in retail centres falling.

“The chain is now faced with stiff competition from TikTok and Insta shops, and by cheap accessories sold by fast fashion giants like Shein and Temu.”

Claire’s has been a fixture in British shopping centres and on high streets for decades, and is particularly popular among teenage shoppers.

Founded in 1961, it is reported to trade from 2,750 stores globally.

The company is owned by former creditors Elliott Management and Monarch Alternative Capital following a previous financial restructuring.