Local property market performances vary from 12% gains to price reductions of as much as 24% since the pandemic house price peak in September 2022, research suggests.
Agent comparison website GetAgent analysed historic data from the Land Registry, looking at how the market has performed since house prices peaked in September 2022 across each area of the UK.
The analysis shows that the average house price across the UK climbed by 24.6% between the start of the pandemic at the end of 2019 and when the market peaked in September 2022. Since then, tougher market conditions caused by higher mortgage rates have seen house prices cool, albeit marginally in comparison, falling by 2.9% across the UK.
However, further analysis by GetAgent has highlighted just how vital local market knowledge is for the nation’s sellers when it comes to listing their homes with the right agent.
For example, at regional level, the average house price across Northern Ireland has actually climbed by 1% since the pandemic peak seen in September 2022, whilst across London, the average house prices has fallen by 7.1% during the same time period.
At local authority level, the need for an expert local agent is even more apparent.
Across Rossendale, house prices have continued to climb since the pandemic market peak seen in September 2022, with property values now sitting 12.2% higher today. Ribble Valley has also seen double-digit growth of 12% since the wider market peaked, with local markets in the Western Isles (+9.7%), Blaby (+8.4%) and Amber Valley (+6.4%) also continuing to go from strength to strength.
A further 89 local authorities are currently home to an average house price that sits at, or above, the pandemic peak seen in September 2022.
However, this property market positivity hasn’t been enjoyed across the board and across Kensington and Chelsea, the average price of a home has plummeted by 24.4% since the pandemic market peak, GetAgent said.
Camden (-18.2%) and Westminster (-13%) have also seen some of the largest reductions, while outside of the capital, house prices have also tanked across Thanet (-12.5%), Burnley (-12.5%) and North Devon (-11.5%).
Colby Short, co-founder of GetAgent, said: “As someone who has been in the property industry for 10 years, people often ask me about the market. Whilst I can give them a detailed breakdown of the nationwide or even regional markets, I often have to tell them I don’t have enough information about the market for their type of property in their area to give useful advice.
“Property markets are hyper-localised and the experts are the best local estate agents who live and breathe that particular market. That market knowledge allows these agents to give accurate advice and price properties accordingly, both of which are key to getting vendors the best possible outcome on their sale.”