While the house market remains relatively stable, research has revealed this may not always be the case as property values are falling by more than £13,000 a month in some areas.
Property purchasing specialist HBB Solutions analysed house prices across the UK since the start of the year to find where the property market was performing the worst.
Average UK house prices have increased by £18,619, an approximate increase of £2,660 a month, but not all areas have enjoyed this increase in property values.
Based on a local authority level, several parts of London have seen a decline in value, with the City of Westminster experiencing a drop of £92,861, or £13,266 every month.
Camden has been the second worst hit, with house prices declining by £7,754 per month, and Kensington and Chelsea follow, losing an average of £4,583 in value each month.
Managing Director of HBB Solutions, Chris Hodgkinson, said: ‘We’ve become accustomed to weekly reports detailing the meteoric rates of house price growth that have been sweeping the country and it’s fair to say that homeowners have had a pretty good run of it.
‘However, we’re 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 doesn’t 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.’
However, London still remains top for house price performances which have largely increased by £25,500 since January.
Elmbridge in Surrey is the worst performing area outside of the capital, with house prices dropping by £307 a month, followed by Gravesham in Kent, where house have decreased by £289 a month.
Photo by Martin Sepion