House prices are plummeting in 10 places across the UK
According to the latest data from HM Land Registry, the average price of a property has increased by 3.4 percent, but certain areas are seeing a dramatic fall in value.
Covering the past 12 months leading up to October 2024, the average property price has increased 3.4 percent to £292,059. However, certain boroughs in London – and districts elsewhere – are seeing significant decreases in property value.
While Kensington and Chelsea is one of the most pricey boroughs in London, the average home in the area has lost around £50,589 in value.
Homes in Kensington and Chelsea have fallen in value by around 20.3 percent, meaning the new average home in the area is just over £1.1million.
It would seem that London‘s housing bubble is bursting, as numerous boroughs face dire drops in property value.
In fact, parts of London are experiencing the biggest drop in property value across the country. Homes in the City of London have dropped in value by 18.3 percent, equivalent to a loss of £9,505 per house.
In Hammersmith and Fulham, home values have dropped significantly by 10.5 percent, meaning there has been a loss of £86,000 per home.
And London properties in Camden have dropped in value by 6.2 percent; Islington by 4.9 percent; and the City of Westminster by 4.4 percent.
Elsewhere, the district of North Devon has seen a major drop in property prices, with homes having fallen by 7.8 percent in value.
Even Gwynedd, in Wales, has seen property values decrease by 5.1 percent, closely followed by the Isle of Wight, which has seen property values decrease by five percent.
The city of Manchester has also seen house prices drop by 2.3 percent, so the average house price is now £253,061 (£1,732 less than it was).
It’s not all bad news for homeowners, as other areas across the UK are seeing a boom in property value. At present, the UK’s hotspot is the Shetland Islands in Scotland, where property has – on average – increased in value by £8,051 per house.
This 28.2 percent increase in property value will be much appreciated by homeowners in the area. Tewkesbury, in the north of Gloucestershire, has also seen an average property increase of 12.6 percent compared to the year earlier.
Other areas where property value has increased include Bridgend (10.8 percent), Blaenau Gwent (10.6 percent), Blackburn with Darwen (10.5 percent), and Pendle (10.4 percent).
