Property expert reveals the latest buying trends for UK
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Since January 2022, the average price of property in the UK has increased by a staggering £2,660 per month. This equals a total rise of £18,619 in just eight months.
But while the upwards trend in prices reflects the national market, property purchasing specialists at HBB Solutions have found that the value of homes has dropped by almost five times this amount month-on-month in certain “property pockets”.
The City of Westminster and Camden are just two areas in the capital that have seen a significant price decline, despite regional property value in London rising well-above the national average figure.
Where have house prices fallen the most?
The experts at HBB Solutions explained that prices in the capital have increased by almost £25,500 since the start of the year, an average monthly increase of £3,641. However, certain spots both in and around London are experiencing a very different market.
According to new research, house prices across the City of Westminster have tumbled by a huge £92,861 since January 2022 – that’s an average drop of £13,266 every month.
Between January and July, prices fell from £1,051,851 to £958,990.
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This popular London borough has also recorded one of the largest cash drops in average property prices so far this year.
Data from HBB Solutions showed that prices fell from £888,461 in January 2022 to £834,185 in July, marking a total drop of £54,276. This is an average change of £7,754 per month.
Kensington and Chelsea
In January 2022, the average house price in this notoriously expensive borough was £1,383,0505. By July, this figure had dropped to £1,350,969 – a change of £32,080.
This makes Kensington and Chelsea the third worst-performing area in the UK, with a monthly drop of £4,583 on average.
Outside of the capital, Elmbridge, Gravesham, Dover and Eden filled the final four spots on the table.
In Elmbridge, the average house price has seen £307 erased on average each month this year (£2,151 total).
Data from HBB Solutions found that the average property price in Gravesham has fallen by £2,021 (£289 each month), and just £475 (£68 per month) in Dover.
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Eden, Cumbria recorded a minimal reduction in prices of £8 per month on average, which is equal to just £58 throughout the year so far.
Managing Director of HBB Solutions, Chris Hodgkinson, said: “While some homeowners have benefitted from a sharp increase in the value of their home since the start of this year, others have not been so fortunate.
“We’re now seeing signs that cracks are starting to appear, with the rate of house price growth starting to ease.”
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