"While the national picture shows annual growth of almost 2%, price changes in specific local markets can be wildly different"
- Jason Harris-Cohen - Open Property Group
Open Property Group's topline analysis of the UK housing market might suggest that things are looking up after a tricky couple of years. In the past 12 months, the UK’s average house price has grown by 1.8% to stand at £282,776.
Over the year, the only regional markets to report falling prices are London (-3.4%) and the South East (-1.3%), while in the likes of Scotland (6.7%) and Yorkshire (5%), prices are soaring.
However, Open Property Group’s new deep dive analysis of house price change at a local authority district level reveals that, despite the wider picture of positive growth, almost half of LA districts have actually recorded falling prices over the past 12 months.
Of the 361 LA districts analysed, 172 - or 48% - have seen prices fall since this time last year.
The list of the LA districts to have seen the worst annual price drops is dominated by London and the South East.
For example, nowhere have prices taken a more drastic fall than in the City of London where they’re down -22.2%. This means today’s local average price of £676,544 is -£192,553 less than this time last year.
Hammersmith & Fulham has seen prices fall by -21%, followed by two more London districts: the City of Westminster (-20.9%) and Camden (-20.8%).
London’s dominance in the list of price drops is broken by an appearance from Merthyr Tydfil, Wales, where prices are down -13.7%.
Kensington & Chelsea prices have fallen by -13.6%, followed by Canterbury (-12.1%), Epsom & Ewell (-10.5%), Gosport (-10.1%), and Hertsmere (-9.9%).
This is followed by Hartlepool, only the second non-London or South East location, where prices have fallen by -9.5%.
Price drops of -8% or worse have also been recorded in Lambeth (-8.4%), Thanet (-8.3%), Burnley (-8.2%), and Middlesbrough (8%).
CEO of Open Property Group, Jason Harris-Cohen, commented: “You can’t always rely on the topline 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.
"If prices in your local market are falling, and you need to sell quickly, you might want to consider alternatives to the open market. Quick sale platforms can buy the property from you quickly and efficiently and at a fair price meaning that regardless of the mood in your local market, you can get your property sold and get on with your life right away instead of waiting and waiting for the market to improve.”
