Brits looking to buy a new home may want to consider a relocation to these three UK cities that have been witnessing a drop in housing prices.
That’s accordng to the latest data revealed by Zoopla in October which shows a list of house prices in various cities in Britain, and whether or not they are rising or falling.
At the bottom of the list are three UK cities – out of which two are in the south of England. Portsmouth, Cambridge, and Aberdeen have reportedly seen a drop in house prices with an annual change of -1.0 percent, -0.1 percent, and -1.0 percent respectively.
Zoopla’s annual housing index report stated: “Mortgage rates drop to lowest rates seen in 15 months as house prices rise and more homes are sold.”
The research found that increased sales activity supports modest price rises, rather than causing any acceleration in home values.
It continued: “Affordability remains a constraint on house price growth, especially in southern England where home values are already high.
“And house prices in the South West, South East and East of England are currently lower than they were a year ago.
“However across the UK as a whole, annual house price inflation is up +0.7 percent from -0.3 percent a year ago and will continue to improve slowly in the coming months.”
However, the experts shared that across all other areas of Great Britain, house price growth is higher than a year ago, with prices up to 2.5 percent higher.
Home values in Northern Ireland are up 5.5 percent, having under-performed the rest of the market in recent years.
Meanwhile, perhaps unsurprisingly, London prices have registered the biggest turnaround over the last year, moving from annual price falls of -1.7 percent a year ago to modest price gains of +0.5 percent today.
According to Rightmove, properties in Cambridge had an overall average price of £579,349 over the last year.
Overall, sold prices in Cambridge over the last year were 2 percent down on the previous year and 7 percent up on the 2021 peak of £542,471.
Similarly, houses in Portsmouth were 4 percent down on the previous year and 4 percent up on the 2021 peak of £266,609 as per Rightmove.
Properties in Portsmouth had an overall average price of £277,661 over the last year.