New data from Halifax has shown that house prices in the South East of England have dropped the most dramatically in the past year.
Property prices in the area have dropped by 3.9 per cent in the region, to an average of £382,489 in the year to July.
The next largest drop, of 3.5 per cent was seen in Greater London, followed by falls of 3.3 per cent in the South West of England and Wales.
The West Midlands is the only area of the UK that have not seen house price falls, with prices holding steady at £250,285 on average.
The data is based on the three most recent months of approved mortgage data. A full picture of house prices showing the regional variation can be seen below.
Experts suggest London house price falls may be smaller over the next year
The data above is based on house price falls over the past year.
But a panel of experts have also given their predictions for where house prices will fall most in the next year.
Jonathan Rolande, founder of House Buy Fast and the National Association of Property Buyers, told i: “We’ll see Wales have bigger falls, as prices went up there in 2020 and 2021.
“Quality sells so I expect in pockets of the South East and London we’ll see smaller falls in percentage terms, though bear in mind the prices are higher so in cash terms it’ll be quite a lot.”
You can read their full predictions here.
