Phil Spencer lists the worst things to do when buying a property
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The value of property in the UK has peaked once again, marking the sixth consecutive “record” figure according to Rightmove. While the national average is on the rise, some regions have experienced a dip in the asking price of homes going to market. Here are the four places where house prices have fallen in the past month, and a look into whether they may continue to drop throughout August.
National property prices have been on the rise since the start of the pandemic and are showing no signs of slowing down across the board.
While some regions have recorded monthly growth of more than one percent in July, Rightmove’s latest House Price Index has revealed that some regions experienced a significant drop in prices throughout the month.
Despite year-on-year changes growing positively, the monthly drop recorded in some regions is almost three percent.
Where have house prices fallen?
According to the Rightmove House Price Index for July 2022, the four regions which have experienced a dip in prices are Wales, South West England, Scotland, and the East Midlands.
The data showed that Wales experienced the greatest drop in prices compared to June 2022.
A 2.9 percent drop was recorded as the monthly change, though the yearly change was still up by 10.8 percent.
The average asking price for homes coming to market in Wales now stands at £255,713, which is £114,00 lower than the national figure.
South West England
Unlike Wales, South West England saw a marginal drop in prices this month.
Rightmove found a 0.6 percent decrease in the average price of property coming to market compared to June 2022.
Despite the negative monthly change, the yearly figure has increased by 12.2 percent in the past year compared to this time in 2021.
The average cost of a house is now £391,593 in this region, down from £492,362 in June. Rightmove’s July index shows that property prices in the South West are now much closer to the national figure, which has risen to £369,713.
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Similarly to the South West region, Scotland also saw house prices drop by just a fraction of the figure recorded in Wales.
Rightmove’s July data showed a 0.7 percent reduction in property value, bringing the average house price to £185,360, down from £186,738 in June.
The number of days it takes to sell property remains the same in Scotland, sticking at just 20 days on average.
This region saw the smallest reduction in house prices compared to last month, having recorded just a 0.4 percent drop.
The yearly change in property value remains high and has increased by 10.1 percent since July 2021.
On average, property in this area fetches £284,777 on the market, down by more than £2,000 compared to June’s figure of £286,049.
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Will house prices continue to fall?
There are a number of regional variations when it comes to house prices, and some areas remain highly competitive.
For example, house price growth is slowest in London but the cost of property in the capital remains the highest in the UK at more than £690,000 for new properties going to market.
While the monthly change in average asking prices is still up by 0.4 this month according to Rightmove, industry experts have revealed that the market is showing signs of “cooling” down in the current economic climate.
Marc von Grundherr, Director of Benham and Reeves in London, said: “While buyer demand may be cooling compared to the dizzying heights of the peak pandemic market, there remains a huge imbalance between buyer appetites and available stock levels.
“The increasing cost of borrowing and the wider economic backdrop may cause buyer demand to continue to cool further this year, albeit gradually.”
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