The UK postcodes and cities where house prices are falling more than anywhere else have been revealed.
Data collected last year shows the postcodes and cities where house prices are falling and rising the fastest in England and Wales.
According to data, house prices in England and Wales fell by around 1.8 percent over the course of the year, the equivalent of around £6,500. Overall this means the average price of a house fell from £368,101 to around £361,594.
While the average price drop was minimal, some cities, towns, and postcodes saw greater falls than other parts of the UK according to exclusive analysis of the Land Registry’s price paid data.
The biggest drop in house prices was seen in the W1H postcode in central London. The postcode which covers Marylebone saw a 37.3 percent drop in the price of a house.
The average house in W1H sold for £2.28million in the year to December 2022, but this fell to £1.43milion in the year to December 2023.
There was also a massive drop in the E1W postcode of Wapping where the average price of a house sold fell by 37.2 precent, dropping from £1.05million to £657,923. Just like in W1H, there was also a drop in the number of homes sold.
In south west London, the SW1W postcode saw a drop of 31.5 percent, down from £3.57million in 2022 to £2.44million in 2023.
Outside of London, there were also falls in other parts of the UK such as Blackhall Rocks just outside Hartlepool. Here, the average price of a home in the TS27 postcode fell by 25.9 percent from £163,554 to £121,224.
Not everywhere in the UK saw a drop in house prices. In some areas, the price of a new house actually rose.
For example, in Knottingley’s WF11 postcode in west Yorkshire the price of a new house rose by 34.8 percent from £179,712 to £242,335, the largest rise in the country.
Close behind was BA9 that covers Wincanton, south Somerset, which saw the average price of a house increase by 29.2 percent.
The new analysis comes after it was announced that house prices rose by 1.3 percent in January according to Halifax.
Speaking about the rise, Director at Halifax Mortgages Kim Kinnaird said: “The average house price in January was £291,029, up +1.3 percent or, in cash terms, £3,924 compared to December 2023.
“This is the fourth consecutive month that house prices have risen and, as a result, the pace of annual growth is now +2.5 percent, the highest rate since January last year.
“While housing activity has increased over recent months, interest rates remain elevated compared to the historic lows seen in recent years and demand continues to exceed supply.”
