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.
READ MORE:
Four parts of London have seen a fall in average house prices since this time last year.
The biggest price drop is in Westminster where homes are now selling for £12,170 less than a year ago on average, while properties in Kensington and Chelsea have lost an average of £6,220.
House prices have also fallen slightly in Hammersmith, Fulham and Tower Hamlets, taking between £550 and £350 off the average sale price.
Zoopla says London is feeling the impact of increased mortgage rates the most due to its higher house prices, which is impacting buyer demand and causing price growth to stagnate or fall into reverse.
Other places in the country where house prices are already falling year-on-year are on the east coast of Scotland in Aberdeen, Aberdeenshire and Moray, with prices haven fallen between £1,600 and £350.
Elsewhere in the UK, house prices are continuing to rise.
Areas in the North West and Wales are recording the strongest house price growth in the UK, with homeowners gaining more than 6% in sale prices year-on-year.
House prices have risen the most in the three Greater Manchester boroughs of Oldham, Rochdale, Wigan - as buyers seek value for money and connections to large employment centres.
Homeowners in these areas can expect to see at least £10,000 added to their home’s average sale price since February 2022.
Areas in South and West Wales have also seen strong house price growth in the last year, with the biggest rises in Carmarthenshire, Neath Port Talbot and Bridgend.
The Vale of Glamorgan has seen the biggest house price rise with an added £17,360 to their home’s sale price, while those in Pembrokeshire have seen a £13,920 rise since February 2022.
The cheapest areas to buy a home in the UK right now are all located in Scotland and the North of England.
The cheapest houses for sale in the UK are in rural areas to the east of Glasgow - Inverclyde, East Ayrshire and West Dunbartonshire - where house prices average less than £110,000.
In the North East, you can find cheap houses for less than £120,000 in Hartlepool, Hull, Middlesbrough and Sunderland.
And in the North West, the cheapest properties for sale are in Burnley, where the average home costs £116,600.
Sign up to our free weekly property newsletter by clicking here
READ NEXT:
Neighbours in posh Cheshire village object to homeowner's 'peculiar' request
Instagrammable house in one of Greater Manchester's most desirable towns
Home Bargains and B&Q shopper transforms 'run down' dining room for under £100
'I'm a property expert - here's how you can beat the rent crisis in Manchester'
Inside the mansions across Greater Manchester slashed in pri
