The property market is showing signs of slowing down with house prices starting to fall from their peak levels. The UK’s average house price is currently £259,700, but prices in some parts of the country are beginning to come down after annual price growth has dropped to 4.1%.
Property site Zoopla has now revealed that there are several areas in the UK that have seen a drop in average house prices in the last year. This is good news for first-time buyers who have been struggling to get on the ladder due to soaring property costs and high mortgage rates.
Using their House Price Index which looks at the most up to date house prices, Zoopla says there are seven locations in the UK where house prices are tumbling - with more falls expected to come later in the year.
