While the cost of purchasing a home in the UK has continued to rise, some parts of London are bucking the trend. The average UK-wide house price stood at £292,059 in the 12 months leading up to October, as per the most recent data from the Land Registry – a 3.4 per cent increase compared to the previous year, equivalent to an additional £9,670 per property.
However, prices are dropping in numerous areas, with certain parts of London witnessing the country’s most significant decreases. In Kensington and Chelsea, the average home cost over £1.1 million in the year to October, marking a decrease of £285,480 per house compared to the previous year. This equates to a drop of 20.3 per cent, the largest seen by any local authority in the UK.
The City of London experienced the next biggest fall, with homes costing 18.3 per cent less than a year ago, or £160,166 less per house. Hammersmith and Fulham saw the next largest decrease at 10.5 per cent, equivalent to £86,825 per property.
Elsewhere in the country, house prices are rising
North Devon witnessed the next biggest drop in average prices at 7.8 per cent, followed by Camden with a decrease of 6.2 per cent, Gwynedd with a decrease of 5.1 per cent, the Isle of Wight with a decrease of 5.0 per cent, Islington with a decrease of 4.9 per cent and the City of Westminster with a decrease of 4.4 per cent. You can check out how prices have fluctuated in your local area using our interactive map below.
Meanwhile, some parts of the UK have seen house prices soar – the Shetland Islands is currently the UK’s property hotspot with an average house price of £225,587, a whopping 28.2 per cent increase from the previous year. This is the largest jump of any local authority in the country, equating to an extra £49,601 per house.
Tewkesbury has experienced the next largest growth in house prices, with the average property costing 12.6 per cent more than it did a year earlier. This is followed by Bridgend (10.8 per cent), Blaenau Gwent (10.6 per cent), Blackburn with Darwen (10.5 per cent) and Pendle (10.4 per cent).
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