House prices fall in nearly half of council areas

House prices fall in nearly half of council areas

0:03 AM, 5th June 2024, About 4 weeks ago

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Despite a national average UK house price rise of 1.8%, research reveals that nearly half (48%) of local authority areas have seen house prices fall over the past year.

The analysis by Open Property Group reveals the biggest drops over the past year were concentrated in London and the South East.

However, the City of London saw the biggest price falls with a staggering -22.2% decrease.

Other London boroughs like Hammersmith and Fulham, and Camden also saw significant falls.

Merthyr Tydfil in Wales was the only non-London/South East area in the top 10 biggest drops.

‘The true state of the UK housing market’

The firm’s chief executive, Jason Harris-Cohen, said: “You can’t always rely on the top-line house price stats to understand the true state of the UK housing market.

“While the national picture shows annual growth of almost 2%, price changes in specific local markets can be wildly different.

“If you’re trying to sell a home in Camden, for example, you might look at the national picture and think that now is the perfect time to put your property on the market due to prices starting to grow, but in reality, the value of homes in Camden specifically have tumbled over the year, meaning securing a good buyer at an acceptable price is likely to be difficult.”


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