House prices continue to fall with average prices falling by an average of £1,497 in September.
Prices fell by half a per cent in September compared to the previous month and the average house cost £291,385 for the year to September. Prices also fell by 0.1 percent compared to September 2022.
House prices are falling fastest in Kensington and Chelsea, where prices have fallen by 20.6 per cent compared to a year ago.
The average home in the wealthy London borough was worth £1,203,055 in the year to September 2023, a drop of 20.6 per cent compared to a year ago.
The City of London also saw a fall in prices, falling by 15.7 per cent over the year, followed by Blaenau Gwent at 11.2 per cent and Burnley at 10.9 per cent.
However, prices have increased in some areas, with East Lothian seeing the biggest cost increase, where prices have gone up by 15.2 per cent. Houses there cost an average of £347,866 in the 12 months to September.
South Tyneside had the second biggest annual increase, with homes costing £170,306 in the area, up 9.8 per cent.
House prices in the Western Isles have also risen by almost 10 per cent, with house prices at £176,495 in the year to September, up 9.4 per cent.
Halifax has recently published figures which suggest house prices have been rising in more than 70 local authority areas over the past year.
The top 10 areas where house prices rose were:
- Powys, Wales – 17.4 per cent (£37,651)
- East Lindsey, East Midlands – 13.3 per cent (£25,888)
- Moray, Scotland – 10.7 per cent (£17,347)
- Babergh, East of England – 10.3 per cent (£32,583)
- Sunderland, North East – 8.9 per cent (£12,283)
- Ealing, London – 7.5 per cent (£37,027)
- Westminster/City of London, London – 7.4 per cent (£53,108)
- Bolsover, East Midlands – 7.2 per cent (£12,054)
- Cumberland, North West – 6.7 per cent (£11,124)
- Rossendale, North West – 6.7 per cent (£12,444).
Kim Kinnaird, director at Halifax Mortgages, said: “Although at a national level, property prices have fallen over the past year due to the current criticism of mortgage affordability, and there are still pockets of house price growth in many regions.
“While the limited supply of properties for sale may be a factor, this also suggests that in some areas, local market activity – and buyer demand – remains strong.
“Many of the places highlighted in our research also benefit from a more remote or rural environment and incorporate areas of outstanding natural beauty.”
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