New research has revealed the areas of the UK still experiencing strong house price growth while the rest of the market is cooling.
The latest Land Registry data shows a -0.3 per cent drop in house prices across the country, following two months of stunted growth at 0.7 per cent and 0.2 per cent respectively.
The worst affected area has been Hammersmith & Fulham, London, with prices falling by -2.7 per cent on average over the last three months. Kensington & Chelsea saw a slightly smaller decline with a three-month average change of -1.9 per cent. Meanwhile, Aberdeen was the hardest hit outside of London, with a decline of -1.8 per cent.
Other areas that have experienced a drop in house prices include the City of Westminster (-1.6%), South Lakeland (-1.6%), Three Rivers (-1.3%), North East Derbyshire (-1.1%), Bassetlaw (-1%), and Exeter (-1%).
However, some UK locations are seeing a continued rise in house prices. The City of London, which has faced challenges during the pandemic, saw an average increase of 4.4 per cent over the past three months, including a 10.5 per cent rise in the past month alone.
In Malvern Hills, near Worcester, prices have risen by 3.1 per cent, while Crawley in West Sussex has seen a 2.9 per cent increase. Positive growth has also been recorded in Stevenage (2.7%), Mid Suffolk (2.7%), Harborough (2.6%), Mendip (2.5%), Amber Valley (2.5%), Calderdale (2.4%), East Lothian (2.2%), Oldham (2.2%), Herefordshire (2.2%), Barrow-in-Furness (2.1%), Richmondshire (2.1%) and Lichfield (2.1%).
Adam Day, the boss of the estate agency eXp UK, which conducted the research, commented: “As is always the case with these things, the topline stats don’t tell the full story when it comes to the health of the property market. So, while the national average house price might be in decline, it’s important to note that there are many regional markets that are actually in very good health and where prices continue to rise.
This is great news because, while the wider market is indeed cooling, there remain plenty of areas where agents and sellers can continue to command strong asking prices.”