A new report looking at the changes in the average price of a home by region has found that there are significant disparities in the resilience of the market for different parts of the country.
Zoopla carried out this report and it found that the housing markets in the Midlands and the North were proving to be the most resilient. Towns and cities in those parts of the country were more liable to have experienced rising prices during the first half of 2023, which is not the case for places in the South of the UK.
The 10 areas that enjoyed the highest numbers of house price rises in that period included Bradford, Huddersfield, Wakefield and Halifax, all of which are in the North. Just a single area in that top 10 was in the South, which was Dorchester.
Midlands areas also fared comparatively well. Chester, Wolverhampton and Derby were among the places where over half of the properties for sale went up in price in the opening six months of the year. Overall, the Zoopla figures show that 32% of people who own a home saw a slight rise in the price, while 38% experienced declines in the values of their properties in that period.
Areas to experience the sharpest price drops included, Torquay, Southend-on-Sea and Brighton, while Colchester had the highest number of properties that declined in value.
Price drops do potentially open up opportunities for mortgage advisors with CeMAP training to help first time homebuyers get on the ladder.
