{"id":43674,"date":"2023-11-07T15:19:10","date_gmt":"2023-11-07T15:19:10","guid":{"rendered":"https:\/\/cabanesetcompagnie.com\/?p=43674"},"modified":"2023-11-07T15:19:10","modified_gmt":"2023-11-07T15:19:10","slug":"house-price-drops-are-regional-affair-as-worst-hit-part-of-england-identified","status":"publish","type":"post","link":"https:\/\/cabanesetcompagnie.com\/world-news\/house-price-drops-are-regional-affair-as-worst-hit-part-of-england-identified\/","title":{"rendered":"House price drops are ‘regional affair’ as worst-hit part of England identified"},"content":{"rendered":"

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While UK house prices rose in October, up 1.1 percent on a monthly basis for the first time in six months, all regions saw house prices decline on an annual basis.<\/p>\n

However, some areas have been hit harder than others. According to Halifax\u2019s latest House Price Index, South East England saw prices drop as much as six percent over the last year, with the average property now valued at \u00a3374,066.<\/p>\n

Charlotte Nixon, mortgage expert at Quilter commented: \u201cFor many sellers, especially in the south where the greatest price pressures are felt, the current situation is a reminder that price resilience is a regional affair.<\/p>\n

\u201cWhile some buyers may hold out for pre-pandemic valuations, the interplay of supply and demand, coupled with shifting economic winds, may necessitate a new approach to price negotiations.<\/p>\n

\u201cFor those considering their next move, the strategy is less about rushing in and more about measured decisions that suit your life needs in the here and now rather than trying to time the market.\u201d<\/p>\n

READ MORE: <\/strong> House prices finally end run of six consecutive plunges but rise by just \u00a33,000<\/strong><\/p>\n

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The Halifax HPI showed property prices in South West England experienced the second-largest decline annually, with a drop of 5.7 percent.<\/p>\n

Eastern England and the East Midlands trailed closely behind, with both regions reporting a 5.3 percent decrease in property values.<\/p>\n

Greater London continues to have the highest average house price in the UK at \u00a3524,057, but prices are still recorded to have fallen by 4.6 percent over the last year.<\/p>\n

Property prices in Wales fell by 3.9 percent over the year, with the average house price currently sitting at \u00a3213,125.<\/p>\n

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Meanwhile, Scotland\u2019s annual house price was the most resilient, down just-0.2 percent annually, with homes in the nation now averaging \u00a3202,608.<\/p>\n

Northern Ireland mirrored this pattern, with a decline of 0.5 percent with average house prices of \u00a3183,922.<\/p>\n

Commenting on the data, Kim Kinnaird, director at Halifax Mortgages, said: \u201cThe average house price is now \u00a3281,974 \u2013 an increase of almost \u00a33,000 compared to the previous month. On an annual basis, prices are down -3.2 percent, though the decline was at a slower pace than we saw in September (-4.5 percent).\u201d<\/p>\n

Ms Kinnaird explained that prospective sellers adopting a more cautious approach, resulting in a limited supply of homes for sale, is likely to have bolstered short-term prices. This contrasts with prices being primarily driven by buyer demand, which continues to remain weak overall.<\/p>\n