"Whilst there is widespread optimism that the market will continue to improve as we head into 2025, there’s no guarantee that house prices will recover across the board, or at the same rate for that matter."
- Gemma Young - Moverly
New research from Moverly analysed the latest figures from the ONS House Price Index, looking at the annual rate of growth across each area of the UK and where is home to the most frightful property market performance this Halloween.
The good news is that despite the market uncertainty of the last year, the average UK house price has increased by +2.8%.
However, despite the national level data showing promising price growth, a Local Authority District level analysis by Moverly shows that a significant number of local markets have endured some quite frightening price drops.
In fact, 27% of Local Authority districts have seen the average house price fall over the past 12 months.
Nowhere have they fallen more dramatically than in the City of London. The capital’s central market has been struggling since the COVID-19 pandemic and, in the past year alone, house prices have fallen by a staggering -21.1% - a loss of almost -£202,616.
London’s Kensington & Chelsea has seen the second-worst decline of -15.8%, followed by Rutland in the East Midlands (-8.1%), the Western Isles in Scotland (-6.8%), Castle Point in the East of England (-6.8%), and Torridge in the South West (-6.7%).
Gemma Young, Moverly CEO, comments: “After a difficult few years for the UK property market, it’s great to see that top-level data suggests a return to health is well underway.
However, such topline statistics rarely tell the full story and when breaking the market down on a more granular level, it’s clear that homeowners across the nation are still being haunted by an underperforming housing market.
"Whilst there is widespread optimism that the market will continue to improve as we head into 2025, there’s no guarantee that house prices will recover across the board, or at the same rate for that matter.
"So if you are currently considering a move in an area where house prices are stalling then a swift sale will ensure you do so before any further decline in values materialises.
"One way to do this is to ensure that all prospective buyers are provided with the necessary material information as soon as they express interest in your property.
"You can take this a step further and get ‘Sale Ready’ and complete the legal documents in advance, confirming a conveyancer upfront. Doing this as a home is listed, rather than waiting for an offer means a property is often seen as more appealing to buyers. This simple piece of proactivity costs nothing and can help to speed up your sales process considerably.”
