UK House Prices Vary Widely Since September 2022 Peak

UK house prices have varied significantly across regions since September 2022, with Northern Ireland seeing a 1% growth and London experiencing a 7.1% decline. Local authorities have seen even more pronounced variations, with some areas experiencing double-digit growth and others significant declines.

Aqsa Younas Rana
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UK House Prices Vary Widely Since September 2022 Peak

UK House Prices Vary Widely Since September 2022 Peak

UK varying, property, market, performance, shows, ben prices have varied significantly across regions since their peak in September 2022, according to an analysis by property comparison website GetAgent. The data, based on historic Land Registry figures, reveals a mixed picture of the housing market, with some areas seeing growth while others experience sharp declines.

Why this matters: The fluctuations in UK house prices have significant implications for the overalleconomy, output, ultra, long, pound, business, liv, as the housing market is closely tied to consumer spending and confidence. Moreover, the variations in regional prices can impact local economies and influence decisions on housing supply, infrastructure, and urban planning.

On a regional level, Northern Ireland has seen a 1% growth in house prices since the September 2022 peak, with the average house price standing at £206,754 in the first quarter of 2024. This reflects a nominal decrease of 0.6% compared to the fourth quarter of 2023, but an annual weighted house, price, index of 2.4% compared to the same period in 2023. In contrast, London has experienced a 7.1% decline in house prices since the peak.

At the local authority level, the variations are even more pronounced. Some areas, such as Rossendale and Ribble Valley, have seen double-digit growth of 12.2% and 12% respectively since the pandemic market peak. Other areas like Western Isles (+9.7%), Blaby (+8.4%), and Amber Valley (+6.4%) have also continued to grow. However, certain areas have experienced significant declines, with Kensington and Chelsea seeing a 24.4% plummet in the average price of a home. Camden (-18.2%), Westminster (-13%), Thanet (-12.5%), Burnley (-12.5%), and North Devon (-11.5%) have also seen notable reductions.

Experts highlight the stability of the Northern Ireland housing market, with evidence of increasing consumer confidence due to the more settled environment and reduction in mortgage interest rates. Dr. Michael McCord, Reader in valuation, investment, and finance at Ulster University, stated: "The housing market over the first quarter of 2024 continues to remain at the same pricing levels observed in the second half of 2023, with house prices holding steady."

Despite the challenges faced by the housing market, including affordability issues and a shortage of housing supply, estate agents expect ongoing demand during the spring, which will likely continue to outpace supply. Ursula McAnulty, Head of Research at the Housing Executive, said: "Despite the ongoing pressures on household incomes, agents report continuing demand from prospective purchasers."

The analysis by GetAgent underscores the importance of local market knowledge in navigating the UK housing market. Colby Short, co-founder of GetAgent, emphasized: " markets are hyper-localised and the experts are the best local estate agents who live and breathe that particular market." As the UK housing market continues to adjust to the wider economic climate and financial setting, prospective buyers and sellers will need to stay attuned to the nuances of their local markets to make informed decisions.

Key Takeaways

  • UK house prices varied significantly across regions since Sept 2022 peak.
  • Northern Ireland saw 1% growth in house prices, while London declined 7.1%.
  • Some local areas saw double-digit growth, while others experienced significant declines.
  • Experts attribute Northern Ireland's stability to increased consumer confidence.
  • Local market knowledge is crucial for navigating the UK housing market.