Declining prices – property values have fallen up to £13,000 a month in these areas

The latest research from property purchasing specialist, HBB Solutions, revealed that some areas in England have seen up to £183,266 wiped off the average value of a home on a monthly basis. 

By analysing house prices across each area of the UK since the start of the year, they were able to reveal which areas have some of the worst house price performances.

House price performance takes a turn

According to HBB Solutions, in January 2022, the average UK house price increased by £18,619. In total, that is an average increase of £2,660 per month.

London house prices have increased by almost £25,500 since the start of the year, an average monthly increase of £3,641. However, the research shows that three of the seven areas that have seen a decline in property values are in the capital. 

House prices across the City of Westminster have dropped by £92,86. That is the equivalent of a monthly drop of £13,266. 

Camden house prices have dropped £7,754 per month on average since January. Kensington and Chelsea also make the top three, down by an average of £4,583 per month. 

Outside of the capital, Elmbridge is the worst performing market where the average house price has seen £307 drop each month.  

Average house prices have reduced on a monthly basis in Gravesham (-£289), Dover (-£68), and Eden (-£8). 

Managing director of HBB Solutions, Chris Hodgkinson, commented: “We’ve become accustomed to weekly reports detailing the meteoric rates of house price growth that have been sweeping the country and it’s fair to say that homeowners have had a pretty good run of it. 

“However, we’re now seeing signs that cracks are starting to appear, with the rate of house price growth starting to ease. Of course, this is simply a topline view and one that doesn’t provide a realistic picture of the market at a more granular level.”

“So while some homeowners have benefitted from a sharp increase in the value of their home since the start of this year, others have not been so fortunate. In fact, in some areas of the market, the average value of a home has been reducing by thousands of pounds a month since the start of the year.”