Average UK prices have risen 2.8% since October 2024, signalling a broadly resilient market despite economic pressures. The North East recorded the strongest annual growth at 5.2%, while London saw a modest 0.8% rise.
At a local authority level, Westminster posted the largest annual decline, with average values falling 13.2%. Kensington and Chelsea followed at 11.8%. Ceredigion saw prices drop 9.5%, with Merthyr Tydfil close behind at 9.4%. Other notable year-on-year declines included Tower Hamlets (7.7%), Eastbourne (5.7%), Thanet (5.5%), Brent (5.3%), Aberdeen (4.8%) and Hammersmith & Fulham (4.7%).
Steve Foreman, founder and CEO of The Property DriveBuy, said price performance remains mixed across the UK. He 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.”
Foreman noted that the subdued backdrop ahead of the Autumn Budget could provide opportunities for buyers.
“For homebuyers, these house price drops present a potential window of opportunity as the market remains subdued. While out viewing properties, buyers should keep an eye out for new listings and make use of real-time search tools to avoid missing suitable homes. For sellers, visibility and realistic pricing remain important to secure the best outcome," he added.
