The latest UK House Price Index from HM Land Registry shows a sharp 3.7% monthly drop in residential prices during April, following the expiry of temporary stamp duty support at the end of March.
Now additional analysis by estate agency eXp UK shows that house prices across England are down 0.9% since the start of the year, with several regions and local markets seeing more significant corrections.
The North West (-1.9%), North East (-1.6%), West Midlands (-1.3%), and South West (-1.2%) have seen the most significant regional declines, although every region but London has seen prices reduce since the start of the year.
But despite London’s overall positive performance, the capital has seen some of the largest house price declines when analysing the market at a more granular level.
Camden (-8.6%), Hammersmith and Fulham (-7.8%), and the City of Westminster (-5.7%) are among the hardest-hit, reflecting a cooling at the very top end of the capital’s prime market. Other notable decliners include Castle Point (-4.9%), Broadland (-4.9%), Tower Hamlets (-4.8%), and Adur (-4.5%).
Despite the wider downturn, several local markets are defying the national trend, with strong momentum and above-average growth since the start of the year.
The best-performing areas include Salford, up 7.6%, as well as Middlesbrough and Uttlesford, both up by 7.5%. Other strong growth areas are North Kesteven (6.8%), Basingstoke and Deane (6.7%), Tandridge (6.6%), East Staffordshire (6.4%), Ribble Valley (6.2%), Barking and Dagenham (5.9%), and Kingston upon Thames (5.7%).
These markets are being buoyed by localised demand, regeneration, affordability relative to nearby areas, and in some cases, a return to urban living after several years of pandemic-induced relocation trends.
See how your local area has performed so far this year here.
