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0:02 AM, 26th April 2023, About A year ago
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House prices this year have plummeted by up to £21,000 in just one month in some areas of the property market – while other areas saw prices leap by £20,000, research reveals.
The findings from estate agents Barrows and Forrester show that government data on the latest house prices across the British market between January and February where these hot and cold spots are.
According to the latest data, Great Britain’s average house price has dropped £3,006 since the start of 2023 – down from January’s figure of £293,673, to £290,667 in February.
The largest fall in prices was seen by homeowners in London where prices fell £5,903, followed by Scotland (£4,782), the South East (£4,664), and the South West (£3,873).
The agency says that EVERY region saw prices fall, with the smallest drop seen in Yorkshire and Humber (£86), followed by the East of England (£366) and West Midlands (-£944).
James Forrester, the managing director of Barrows and Forrester, said: “Although the market may be cooling as we return to post-pandemic normality, this declining market performance is being driven to a far greater extent by some areas of the market, while others continue to benefit from healthy levels of house price appreciation.
“But the question everyone wants answering is, what is going to happen next?
“Well, the economic situation is far from ideal, but it is showing signs of stabilising.
“This should help to reassure the nation’s homebuyers who have recently been deterred from the market by the increasing cost of borrowing.”
Mr Forrester continued: “As they return to the fold, we should see a far more steady market landscape return and this should help to stem the decline in property values seen across many areas of the market.
“House prices rise and fall. That’s always been the case.
“But we have endured some truly remarkable years of late, from pandemic boom to historically delirious political ineptitude, and so the ups and downs we’ve seen are more stark than we’re used to.”
He added: “Still, calamity has been avoided – property is an incredibly resilient commodity – and from here, things are going to start looking much healthier.”
However, the findings from Barrows and Forrester shows that price falls are more severe in some places than the regional picture suggests.
They highlight that in the South East’s Mole Valley, the average house price has fallen by £21,276 since the start of the year, from £594,071 to £572,795.
In London’s Southwark, prices are down £19,781, followed by Haringey (£18,408) and the City of London (£17,253).
Other areas that have seen drastic house price falls in just one month include Waverley (£16,865), Rutland (£16,128), Redbridge (£14,680), South Hams (£14,185), Woking (£13,758) and East Lothian (£13,516).
Despite the widespread falls in house prices, the firm says there are areas where house prices have risen substantially.
And it is in Camden where prices have recorded the largest house price growth, despite fears that the capital’s house market is struggling, increasing by £19,867 between January and February of this year.
Areas where house price growth was more than £10,000 in one month include South Oxfordshire (£17,628), Three Rivers (£15,562), Forest of Dean (£11,117), the City of Westminster (£11,046), Richmond (£10,927) and the Western Isles (£10,463).
House prices this year have plummeted by up to £21,000 in just one month in some areas of the property market – while other areas saw prices leap by £20,000, research reveals.
The findings from estate agents Barrows and Forrester show that government data on the latest house prices across the British market between January and February where these hot and cold spots are.
According to the latest data, Great Britain’s average house price has dropped £3,006 since the start of 2023 – down from January’s figure of £293,673, to £290,667 in February.
The largest fall in prices was seen by homeowners in London where prices fell £5,903, followed by Scotland (£4,782), the South East (£4,664), and the South West (£3,873).
The agency says that EVERY region saw prices fall, with the smallest drop seen in Yorkshire and Humber (£86), followed by the East of England (£366) and West Midlands (-£944).
James Forrester, the managing director of Barrows and Forrester, said: “Although the market may be cooling as we return to post-pandemic normality, this declining market performance is being driven to a far greater extent by some areas of the market, while others continue to benefit from healthy levels of house price appreciation.
“But the question everyone wants answering is, what is going to happen next?
“Well, the economic situation is far from ideal, but it is showing signs of stabilising.
“This should help to reassure the nation’s homebuyers who have recently been deterred from the market by the increasing cost of borrowing.”
Mr Forrester continued: “As they return to the fold, we should see a far more steady market landscape return and this should help to stem the decline in property values seen across many areas of the market.
“House prices rise and fall. That’s always been the case.
“But we have endured some truly remarkable years of late, from pandemic boom to historically delirious political ineptitude, and so the ups and downs we’ve seen are more stark than we’re used to.”
He added: “Still, calamity has been avoided – property is an incredibly resilient commodity – and from here, things are going to start looking much healthier.”
However, the findings from Barrows and Forrester shows that price falls are more severe in some places than the regional picture suggests.
They highlight that in the South East’s Mole Valley, the average house price has fallen by £21,276 since the start of the year, from £594,071 to £572,795.
In London’s Southwark, prices are down £19,781, followed by Haringey (£18,408) and the City of London (£17,253).
Other areas that have seen drastic house price falls in just one month include Waverley (£16,865), Rutland (£16,128), Redbridge (£14,680), South Hams (£14,185), Woking (£13,758) and East Lothian (£13,516).
Despite the widespread falls in house prices, the firm says there are areas where house prices have risen substantially.
And it is in Camden where prices have recorded the largest house price growth, despite fears that the capital’s house market is struggling, increasing by £19,867 between January and February of this year.
Areas where house price growth was more than £10,000 in one month include South Oxfordshire (£17,628), Three Rivers (£15,562), Forest of Dean (£11,117), the City of Westminster (£11,046), Richmond (£10,927) and the Western Isles (£10,463).
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