Research by property purchasing specialist, HBB Solutions, has revealed that while house prices continue to climb across the UK, some pockets of the property market have seen as much as ยฃ183,266 wiped off the average value of a home on a monthly basis.
HBB Solutions analysed house prices across each area of the UK since the start of the year to reveal where the property market is starting to buckle when it comes to the worst house price performances.
The research shows that since January 2022, the average UK house price has increased by ยฃ18,619, thatโs an average increase of ยฃ2,660 per month, despite fears that a downturn could be on the cards.
While London has largely trailed the rest of the nation when it comes to house price performance in recent times, the capital remains top of the table when it comes to the actual pounds and pence increase. London house prices have increased by almost ยฃ25,500 since the start of the year, an average monthly increase of ยฃ3,641.
However, not everyone across the London market has enjoyed the same fortunes and when analysing the market at local authority level, the research by HBB Solutions shows that London accounts for three of the seven areas to have actually seen a decline in property values.
Since the start of the year, house prices across the City of Westminster have tumbled by a huge ยฃ92,861 – thatโs an average drop of ยฃ13,266 every month.
Camden has been the second worst hit pocket of the property market, with house prices dropping ยฃ7,754 per month on average since January, with Kensington and Chelsea also making the top three, down by an average of ยฃ4,583 per month.
Elmbridge is the worst performing market outside of the capital, where the average house price has seen ยฃ307 erased on average each month in 2022.
Gravesham (-ยฃ289), Dover (-ยฃ68) and Eden (-ยฃ8) have also seen the average house price reduce on a monthly basis in 2022, albeit to a lesser extent.
Managing Director of HBB Solutions, Chris Hodgkinson said, โWeโve become accustomed to weekly reports detailing the meteoric rates of house price growth that have been sweeping the country and itโs fair to say that homeowners have had a pretty good run of it.
However, weโre now seeing signs that cracks are starting to appear, with the rate of house price growth starting to ease. Of course, this is simply a topline view and one that doesnโt provide a realistic picture of the market at a more granular level.
So while some homeowners have benefitted from a sharp increase in the value of their home since the start of this year, others have not been so fortunate. In fact, in some areas of the market, the average value of a home has been reducing by thousands of pounds a month since the start of the year.โ
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