Are house prices falling where you live?
Last week we revealed the 25 hottest housing markets. This week we take a look at the other side of the coin, the markets where prices have cooled the most, fallen the most, or looking on the brighter side, the markets which have become more affordable.
Biggest house price falls last month
The City of London saw the biggest housing affordability gains last month as average house prices fell by £27,425.
The City of London was followed by the London borough of Hackney, where average house prices fell by £17,986 last month.
Making up the podium was another London borough, Camden, where house prices fell on average by £15,618.
We show in the chart below the 25 housing markets with the biggest absolute house price falls or housing affordability gains
House prices fell the most in relative terms last month in West Devon down 3.9%, followed by house prices in the Wyre Forest down 3.7% and the City of London makes up the podium with house prices falling by 3.5%.
We show in the chart below the 25 housing markets where housing affordability increased the most in absolute terms over the last month.
Biggest House price falls over the last 12 months
Only one out of 377 local authorities saw house prices fall over the last twelve months, which is a great indicator of just how strong the UK housing market has been as it travelled through the eye of the pandemic.
That one housing market was:
The London Borough of Lewisham where house prices fell by 0.5%.
The smallest, relative, house price rises were also to be found in London:
The London Borough of Southwark where house prices rose by 0.03% and the London Borough of Brent where house prices rose by 0.1% over the last 12 months.
We show the 25 housing markets below with the biggest relative affordability gains (the housing markets where house prices either fell or rose the least)
Biggest absolute house price falls over the last year.
Not surprisingly, the biggest absolute housing affordability winners were the same as the relative winners already discussed above.
The London borough of Lewisham saw average house prices fall by £2,290, the London borough of Southwark saw house prices rise by £148, and the London borough of Brent saw house prices rise by £566 over the last year.
For a more uplifting read, why not have a look to see if you live in, near or next to one of the UK's hottest housing markets
Biggest housing affordability gains since Lockdown
Another indicator as to how robust the UK housing market has been since the start of the COVID-19 lockdown is that house prices have only fallen in one of the 377 local authorities, and the smallest gain was also seen in London:
The City of London where on average house prices have fallen by £93,834 the London Boroughs of Tower Hamlets where house prices have risen by £5,026. Outside of London, Slough has seen the smallest absolute house price gains with average house prices increasing by £12,540 since the start of the COVID-19 pandemic.
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