Exact areas where property prices have plunged with owners set to lose thousands | Personal Finance | Finance


House prices have fallen across many areas of the UK as sales continue to plummet and mortgage rates continue to rise.

Average house prices fell in more than half the local authority areas across the country according to new Government figures.

Some parts of the country saw the average price plummet by up to £20,000 between April and May this year.

Our interactive map shows how much average prices changed across the country between those months.

The Shetland Islands saw the biggest percentage drop from April to May, with the average house price that month being £188,059 according to the Land Registry figures  – a fall of 8.5 per cent.

Wychavon in Worcestershire saw the biggest drop on the UK mainland, with the average price dropping by 5.7 per cent month on month to £324,795.

The biggest overall drop in price was Camden in London, where prices fell from £882,900 to £860,900 – a decrease of 2.5 per cent.

At the other end of the scale, average prices were up 8.6 per cent in the City of London – to £988,117.

Other areas that saw increases of more than five per cent included Inverclyde in Scotland (up 6.9 per cent), Swale in Kent (up 5.5 per cent) and Rutland in the East Midlands (up 5.1 per cent).

The area with the highest average price for a house in May 2023 was the Royal Borough of Kensington and Chelsea in London – which saw a 1.8% increase to £1,314,120.

At the other end of the scale, the area with the lowest average house price in the UK that month was Burnley.  The Lancashire town saw the average price fall three per cent to £110,738.

Speaking to the Mail Online, Simon Rubinsohn, Chief Economist for the Royal Institute of Chartered Surveyors, said: “I think it’s very frustrating in terms of people who want to get on ladder or who want to move.

“When you have an environment where the market is quite sluggish, not a lot going on, and we see that when we look at actual transactions data it is down down. There are still things happening but it is just a lot slower.”

Source link


Please enter your comment!
Please enter your name here