After a year of unprecedented growth, the UK housing market is showing signs of cooling off
across the country are not moving in unison. In the North East, prices have surged by 5.5 per cent, reaching an average of £160,000. Meanwhile, in London, the increase was a modest 2.4 per cent, with the average price reaching £534,000.
At the local level, the disparities become even more pronounced, with some areas experiencing substantial drops in property values. During the year leading up to April, 27 local authorities witnessed a decline in average house prices. Notably, Kensington and Chelsea in London experienced the largest year-on-year drop of any local authority, with prices falling by 15.8 per cent compared to the previous year. The downward trend saw house prices drop by 9.3 per cent in March, 4.2 per cent in February and 2.3 per cent in January, indicating an escalating situation.
Westminster had the next largest drop at 13.3 per cent, followed by Na h-Eileanan Siar at 7.4 per cent, and the City of Aberdeen at 7 per cent. You can find the situation for your local authority using our interactive map:While some areas face declining prices, others are witnessing significant growth. East Lothian, situated just east of Edinburgh, is currently the property hotspot in the UK.
House prices there rose by an impressive 17.2 per cent in April, following increases of 9 per cent in March and 5 per cent in February. Fylde in Lancashire had the next largest annual increase at 15.5 per cent, up from 14.9 per cent in March, with Melton , Swindon , Inverclyde , West Devon , and Merthyr Tydfil following suit.Despite localised price fluctuations, the overall housing market is facing uncertainty due to the Bank of England's interest rate hikes.
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