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The area where house prices are falling most – is it where you are?

NEW data has revealed the areas of the UK where house prices are falling – but where is top of the list?

The disastrous mini-budget saw markets spooked and lenders pulled mortgage deals to then reintroduce them at higher rates.

Rightmove data shows house prices dropped across all areas of the UK this month

The Bank of England recently increased its base rate from 2.25% to 3% which also had a knock-on effect on mortgage rates.

It’s prompted a cooling off in the housing market as people hold off from buying new homes through fear of paying out extra on loans.

Now, new data from Rightmove has revealed the areas in the UK where house prices dropped the most between October and November.

The data found the average price of a property coming to the UK market in November dropped by 1.1% compared to October – equivalent to £4,159.

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The 11 areas across the UK where house prices dropped between October and November from most to least were:

  1. Wales – 3%
  2. Scotland – 2.2%
  3. London – 1.9%
  4. South West – 1.8%
  5. (=4) South East – 1.8%
  6. North East – 1.6%
  7. West Midlands – 1.4%
  8. North West – 1.1%
  9. Yorkshire and Humberside – 0.7%
  10. East Midlands – 0.6%
  11. East of England – 0.1%

This means if you had a home in Wales worth £300,000 in October, it would be worth £291,000 now – a £9,000 drop.

If you had the same priced house in the East of England, it would now be worth £299,700 – a £300 drop.

But although house prices are down month-on-month across the UK, year on year they are up 7.2%.

Kate Eales, head of regional agency at Strutt and Parker, said: “Following 14 consecutive quarters of rising property prices, growth in the housing market is starting to soften.

“This slowdown can be attributed to the new economic conditions the market is facing, namely the increased cost of borrowing.

“There remain however, very determined buyers and sellers who are looking for a new home and we expect sustained activity in to 2023.”

The data showed first-time buyer properties were the most affected sector, with year-on-year demand down by 26% in October.

The number of people buying second homes was down 17% across the same time period.

Yorkshire and Humberside saw the biggest increase in house prices year-on-year – prices there were 10.3% more expensive this November compared to the same month last year.

London saw the smallest increase – house prices there were 5.3% more expensive this month compared to the same month in 2021.

The 11 areas across the UK where house prices rose between November 2021 and November 2022 from most to least were:

  1. Yorkshire and Humberside + 10.3%
  2. West Midlands + 9.6%
  3. Wales + 9.3%
  4. North East + 9.1%
  5. (=4) East Midlands + 9.1%
  6. North West + 7.5%
  7. (=6) South West + 7.5%
  8. East of England + 6.7%
  9. South East + 6.6%
  10. London + 5.3%

The area where it took the least amount of time for homes to sell was Scotland, where it took an average of 25 days.

This is the time between listing a property on the market to agreeing on a sale.

It took the longest average time in London – selling a house there took 54 days on average.

Selling a house fast can be useful for a number reasons.

If you’re selling, it might be useful if you’ve got large debts to pay off or you’ve inherited a property.

If you’re buying, it might be useful if you’ve had to relocate for a new job and need to find somewhere quickly.

London remains the most expensive place to buy a home – the average price there is £682,422.

Meanwhile, the cheapest place to buy a home currently is the North East where the average home costs £179,504.

Nationwide has already released data saying property prices fell by 0.9% in October, meaning the typical property now costs £268,282, down £3,977 from September.

Figures from Halifax said house prices had dropped by 0.4% in October as well.

Lloyds Banking Group has told The Sun it predicts property prices could fall by around 8% in 2023.

What can I do to boost my chances of getting a mortgage?

If raised mortgage rates and the prospect of house prices dropping aren’t enough to sway you from buying a home, there are some tips to increase your chances of getting a loan.

Save a large deposit

The bigger your deposit the better. More mortgage deals will be available to you the bigger yours is.

Credit rating

Every mortgage lender will assess your credit rating by using an agency such as Experian or Equifax to look into your financial history like if you’ve ever missed payments.

Remember, this is affected by your payment history, credit usage, credit history length and credit mix so it’s crucial to make sure you have a good rating.

Pay off any unsecured debts

If you have huge monthly payments then you should pay them off before applying for a mortgage.

This will mean more of your monthly income going towards mortgage payments.

Don’t apply for any new credit

Your lender will be aware of this new payment and may wonder if you’re over stretching your finances.

Make sure you’re on the electoral register

Ensure you’re registered at your current address.

The electoral register can be checked y lenders for proof of residency.

Ensure you have no financial links to your ex-partner

This can affect your credit rating.

The link could be a joint bank account, credit card or loan account.

Make sure you can prove your income

You need to do this by including your payslip, bank statement and account if you’re self employed or running a business.

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In other news, take a look inside a £2 million home located in a celeb hotspot village in Worcestershire.

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