House prices are predicted to fall significantly in three regions of the UK, analysis by peer-to-peer real estate investment platform easyMoney has revealed.
It’s expected we’ll see a reduction of -7.8% in the West Midlands, -6.8% in London and -6.3% in Yorkshire & the Humber.
Just two regions of Britain are expected to see positive house price growth by December,.
In the North West, the past six months has seen average monthly price growth of +0.4%. If this continues through to the end of the year, prices will grow by +4.3%reaching a regional average price of £330,593.
Meanwhile, the North East has seen prices grow by a monthly average of +0.2% over the last six months. If this continues through to December 2024, prices will increase by +2.4% to reach an average of £164,235.
Jason Ferrando, chief executive of easyMoney, said: “After such consistent upward growth, followed by a period of stagnation, it looks to be a far more settled year for the housing market, with property values expected to remain largely flat in 2024.
“But as is so often the case, you can’t judge a market by its topline statistics. Instead you have to dive down into the local market data to discover that price performance in certain parts of Britain could be far from flat as we move through the year.
“For anyone who is looking to invest in property this year, it’s useful to know which parts of the country are bucking the national trend. Although it can be far less time consuming to opt for an investment vehicle where market experts have already done the hard work in identifying these up and coming investment hotspots.”
10 local authorities forecast for growth of 14%+
Some of Britain’s local markets could be destined to buck the national trend, with 10 locations forecast for growth in excess of +14%.
Over the past six months, house prices in Derbyshire’s Amber Valley district have increased by 2.4% per month, putting the area on track for growth of +26.5% by the end of the year.
Darlington has seen an average monthly rate of growth of 2.1% since interest rates were held, suggesting house prices in the area could climb by a further +23.7% by the end of this year.
Also set for +14% price growth or more are Torfaen (+18.8%), West Devon (+16.6%), Babergh (+15.7%), Rossendale (+14.8%), North West Leicestershire (+14.8%), Greenwich (+14.5%), Hackney (+14.2%), and Chorley (+14%).
