House prices are continuing to fall with average prices dropping by an average £1,497 in September.
Prices dropped by half a percent in September compared to the previous month with the average home costing £291,385 for the year to September. Prices have also dropped by 0.1 percent compared to September 2022.
House prices are dropping the fastest in Kensington and Chelsea, where prices have fallen 20.6 percent drop compared to a year ago.
The average home in the affluent London borough was worth £1,203,055 in the year to September 2023, a 20.6 percent drop compared to a year ago.
The City of London has also seen prices slump, dropping 15.7 percent over the year, followed by Blaenau Gwent at 11.2 percent and Burnley at 10.9 percent.
However, prices have increased in some areas, with East Lothian seeing the biggest cost hike, where prices have gone up 15.2 percent. Homes there cost on average £347,866 in the 12 months to September.
South Tyneside had the second largest annual increase, with homes costing £170,306 in the area, up 9.8 percent.
House prices in Na h-Eileanan Siar (the Outer Hebrides) have also increased by almost 10 percent, with house prices at £176,495 in the year to September, up 9.4 percent.
Halifax recently published figures suggesting more than 70 local authorities areas have seen house prices go up over the past year.
These were the top 10 areas where house prices have increased:
- Powys, Wales – 17.4 percent (£37,651)
- East Lindsey, East Midlands – 13.3 percent (£25,888)
- Moray, Scotland – 10.7 percent (£17,347)
- Babergh, Eastern England – 10.3 percent (£32,583)
- Sunderland, North East – 8.9 percent (£12,283)
- Ealing, London – 7.5 percent (£37,027)
- Westminster/City of London, London – 7.4 percent (£53,108)
- Bolsover, East Midlands – 7.2 percent (£12,054)
- Cumberland, North West – 6.7 percent (£11,124)
- Rossendale, North West – 6.7 percent (£12,444).
Kim Kinnaird, director at Halifax Mortgages, said: “While at a national level, the current squeeze on mortgage affordability has seen property prices fall over the last year, in many regions there remain pockets of house price growth.
“While a limited supply of properties for sale could be a factor, this also suggests in some areas, local market activity – and demand among buyers – remains strong.
“Many of the places highlighted in our research also benefit from more remote or rural surroundings and incorporate areas of outstanding natural beauty.”
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