The analysis found that 24% of local markets experienced price drops over the past year, with Westminster, Kensington and Ceredigion seeing the steepest declines. Average prices in Westminster fell by 13.2%, while Kensington and Chelsea dropped 11.8%, and Ceredigion saw a 9.5% fall.
Across the UK, the average house price rose by 2.8% in the 12 months to October, showing that overall market performance has remained stable despite wider economic pressures. The North East recorded the strongest regional growth, with prices rising 5.2%. London saw the weakest growth, with an average increase of just 0.8%.
Elsewhere, Merthyr Tydfil recorded a 9.4% drop, while Tower Hamlets and Eastbourne saw annual falls of 7.7% and 5.7% respectively. Declines were also reported in Thanet (5.5%), Brent (5.3%), Aberdeen (4.8%), and Hammersmith and Fulham (4.7%).
Steve Foreman, founder and CEO of The Property DriveBuy, said: “The market has delivered far more treats than tricks this year. Prices are up 2.8% across the UK since last Halloween and only a quarter of local authorities have seen a decline."
“However, house price performance has been haunting for homeowners across some areas of the market and the worst of these falls are not confined to one corner of the map. London, Wales, the South East and parts of Scotland all feature among the biggest annual reductions, which shows just how hyper local the market can be."
“For homebuyers, these Halloween house price drops present a potential window of opportunity as the market remains subdued in the run up to the Autumn Budget.”
