Last year, research by Zoopla showed that property prices dropped across 80% of the UK.
They have fallen more in some areas than in others…
Read our blog below to see some of the areas where house prices are falling.
Westminster
In the past twelve months, selling prices have decreased by 12%.
Westminster is one of the most expensive housing locations in the entire UK (and one of the ‘happiest places to live in London‘!).
That’s why housing experts are not surprised that it has experienced one of the largest falls in property prices…
When interest rates go up, the increase in monthly payments is most damaging for those with the largest mortgages.
Newport
Newport, on the south coast of Wales, is a popular area for buyers.
Recently, it has seen its property prices fall by 7%.
This is a much larger drop than the neighbouring cities of Cardiff and Swansea.
Newport’s house prices are still hovering at almost the same level as the city’s 2021 numbers.
Airdrie
Airdrie, on the outskirts of Glasgow in Scotland, has seen its house prices fall by 2%.
This is a larger decline than the city centre of Glasgow has experienced.
Norwich
East Anglia is one of the most desirable places to live in England.
Property prices are relatively high there, translating into a more significant drop in selling prices.
On average, house sales in Norwich are currently at 7% less than the previous year.
The average figure is £277,702, which is similar to the 2021 number of £277,464.
Hull
House prices in Hull have fallen by 6% over the most recent 12-month period.
This is one of the areas in the north of England that has been hit the hardest.
Neighbouring towns such as Grimsby and Scunthorpe have taken a downturn too, but by a smaller amount, at 2% and 1% respectively.
Wrexham
Wrexham is one of the towns in Wales where falling prices have hit the hardest.
Data suggests that the average selling price has decreased by 6% over the past 12 months.
Most sales in Wrexham in the past year were semi-detached properties, selling for an average price of £187,921.
But plenty of flats have been sold too, bringing this figure down slightly.
This makes it easier for first-time buyers in North Wales to get onto the housing ladder.
However, owners of larger properties have seen their expected selling price fall considerably.
Canterbury
Moving into the south-east of England, Canterbury has seen its selling prices fall by 6% over the past year.
This figure is not unusual for this region of England, which has undoubtedly experienced the most significant decline.
Canterbury is particularly vulnerable due to how high its prices were to start with.
St Ives
There’s no denying that St Ives is one of the most desirable places to live in England.
It consistently ranks at the top of lists related to resident happiness. But when it comes to house selling prices, there has been a 5% drop this year.
Much of Cornwall has been affected in a similar way. Newquay’s selling prices are currently down by 8%, and Polzeath has struggled too.
Isle of Wight
Across the water on the south coast of England, the Isle of Wight is a popular holiday destination.
However, homeowners living there full-time have suffered from selling prices over the past year, which are approximately down by 4%.
Fort William
Fort William is a popular destination in the west of Scotland and far away from most major cities.
It’s well known for the Ben Nevis Mountain (the highest in Scotland) and the famous ‘Harry Potter’ train that runs through the countryside.
But people in this area have struggled with house prices over the past year.
Property prices have fallen by 2%, making it one of the worst-affected areas in the Scottish Highlands.
Taunton
In the south-western county of Somerset, England, the town of Taunton has seen its selling prices decline by 3% this year.
Most sales in Taunton during the last year were terraced properties, which sold below the town’s average price.
Leicester
As one of the most populated cities in the Midlands, you might guess that Leicester is immune from the recent drop in house prices.
But this isn’t the case. Selling prices have decreased by 2% in Leicester over the past year.
This is worrying for homeowners there who plan to sell in the near future.
