New UK property data has shown that there have been year-on-year house price drops in four out of every five local property markets across the UK during the course of 2023.
This data comes from online property website Zoopla, revealing that an annual drop in the average price of a home has taken place across 80% of the country. According to the data, the areas that have seen the sharpest falls have been in the South of England. That includes a -3.3% figure for Luton, a -3.4% one in Canterbury and a -3.5% drop in Colchester.
On the other hand, the North has witnessed the strongest growth in prices. Halifax is the town that has enjoyed the best annual property price growth, with the average house price there now being +3.6% above what it was at this time last year.
The current situation throughout much of the country is not expected to be the end of the price falls. Zoopla is forecasting a further 2% annual drop in average house prices next year.
Among the factors that the company is citing as reasons for the situation are rising living costs and increased mortgage rates. It has suggested that they are reducing demand among buyers, leading to the price falls. However, it has also argued that improvements in rates and income levels could see prices bounce back.
Some advisors with the CeMAP qualification may look to diversify into areas such as protection guidance while this period of reduced demand among buyers remains the same.