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The property market has suffered at the hands of COVID-19 with the rest of the economy, thanks to social restrictions. They made property viewings and moving near-impossible for a time, and estate agents found themselves having to adapt. Some sections of the market have since regained their ground, while others continue to encounter trouble.
Where are UK house prices falling fastest?
Covid has reshaped the housing market in the UK, thanks primarily to work from home.
As such, prices have redistributed, plunging in the capital but rising steeply elsewhere as people relocate.
Online real estate portal Rightmove has identified London as the only place where prices are currently falling.
They found first-time buyer asking prices year-on-year have, on average, fallen more than one percent.
The city has seen a decline in prices of 1.4 percent annually.
Although initially encouraging for those hoping to set up shop in the city, the change won’t make much of a dent.
Overall, house prices in London have only dropped by roughly £10,000.
London’s average asking prices for first-time buyers still sit at around £474,950.
The northeast – where average prices are £112,150 – and several other regions have capitalised on this.
There, average prices have surged by more than five percent.
Some areas saw an increase of up to eight percent as people look to relocate.
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Rightmove analysed the market by comparing the prices of first-time homes (properties with two bedrooms or fewer) by comparing prices in January 2020 with those in January 2021.
Tim Bannister, the company’s director of property data, said the decline is an “opportunity” for buyers.
He said: “Despite the higher asking prices in London, first-time buyers in the capital appear to have a window of opportunity to negotiate a good deal, with this being the only region to have seen average first-time buyer asking prices fall over the past 12 months.
“Conversely, sellers in the North West who are looking to trade up and move into a bigger home are in a strong position, with average asking prices for first-time buyer properties having jumped by 8.6 percent during the same period, which is a good indicator of a strong market.”
House prices changed from January 2020 to January 2021 with the following percentage differences:
Change: +8.6 percent
Yorkshire and the Humber
Change: +8.4 percent
Change: +7 percent
Change: +5.7 percent
Change: +5.6 percent
Change: +4.2 percent
Change: +4.1 percent
Change: +4.1 percent
Change: +2.1 percent
East of England
Change: +2 percent
Change -1.4 percent
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