Locations with the Fastest Falling House Prices: There is consensus among mortgage lenders, real estate platforms, and government statisticians that the housing market has been deflated.
According to the Office of National Statistics, the average dwelling price in the United Kingdom reached a record high of £292,552 in November, after rising every year for a decade.
Locations with the Fastest Falling House Prices
The pent-up demand caused by the pandemic was primarily responsible for the price increase of roughly 10 percent in 2022. This has now drastically altered.
Nationwide found that asking prices fell by 3.4% in the year leading up to May, the sharpest annual decline observed by the building society since July 2009.
Last month, Halifax discovered that the average price of a home was £3,000 less than it was a year ago. Despite this national figure, however, the value of masonry and mortar has fallen in certain regions.
According to the property website Zoopla, house prices have fallen the most in Aberdeen over the past year than anywhere else in the United Kingdom.
Their May House Price Index reveals that property in the North Sea petroleum centre is now 2.2% less expensive than it was in May 2022, or £3,110 less.
The third-largest metropolis in Scotland was followed by Sunderland (-1,5%) and the London boroughs of Tower Hamlets (-1,5%) and Hackney (-1,5%). Per UK region, Scotland experienced the largest decline, at -3.1%.
Camden properties have lost the most value in monetary terms; they are now £6,990 cheaper than they were a year ago.
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