House prices map: 4 key areas where property costs are 'cooling' down - will it continue?
HOUSE prices have risen by more than 11 percent on average in the past year and are expected to increase by a further seven percent by the end of 2022. But according to the latest data, there are four key areas are where the value of homes on the market has dropped.
By PHOEBE CORNISH
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The value of property in the UK has peaked once again, marking the sixth consecutive “record” figure according to Rightmove. While the national average is on the rise, some regions have experienced a dip in the asking price of homes going to market. Here are the four places where house prices have fallen in the past month, and a look into whether they may continue to drop throughout August.
National property prices have been on the rise since the start of the pandemic and are showing no signs of slowing down across the board.
While some regions have recorded monthly growth of more than one percent in July, Rightmove’s latest House Price Index has revealed that others experienced a significant drop in prices throughout the month.
Despite year-on-year changes growing positively, the monthly drop recorded in some regions is almost three percent.
House prices map: 4 key areas where property costs are 'cooling' down - will it continue? (Image: GETTY)
Map of UK regions where house prices have fallen
The latest house price index from Rightmove has revealed 0.4 percent average growth in the UK (Image: RIGHTMOVE/ THE EXPRESS)
Where have house prices fallen?
According to the Rightmove House Price Index for July 2022, the four regions which have experienced a dip in prices are Wales, South West England, Scotland, and the East Midlands.
The data showed that Wales experienced the greatest drop in prices compared to June 2022.
A 2.9 percent drop was recorded as the monthly change, though the yearly change was still up by 10.8 percent.
The average asking price for homes coming to market in Wales now stands at £255,713, which is £114,00 lower than the national figure.
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First time buyers continue to be priced out of the property market due to rising house prices (Image: THE EXPRESS)
South West England
Unlike Wales, South West England saw a marginal drop in prices this month.
Rightmove found a 0.6 percent decrease in the average price of property coming to market compared to June 2022.
Despite the negative monthly change, the yearly figure has increased by 12.2 percent in the past year compared to this time in 2021.
The average cost of a house is now £391,593 in this region, down from £492,362 in June. Rightmove’s July index shows that property prices in the South West are now much closer to the national figure, which has risen to £369,713.