03 November 2023 , 10:22
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Property prices fell faster in the Wapping area of London than anywhere else in England and Wales last month.
Homes in the E1W postcode area sold for an average of £803,316 each in the 12 months ending September, according to exclusive Mirror analysis of the latest price paid data from the Land Registry. That's down by 13.11% from the year to August when homes in the area cost an average of £924,533.
It's the largest percentage drop of any postcode area in England and Wales where there were at least 50 houses sold in those 12 months. That’s followed by the Cotswold town of Chipping Campden, where homes sold in the GL55 postcode area sold for an average of £649,112 in the year to the end of September. That’s 10.13% less than in the year to August.
In the Hampshire village of Cliddesden, RG25, prices fell by 7.37% on average, while in Ambleside, LA22, they fell by 6.80%, and by 6.77% in S32 which covers the Derbyshire village of Calver. Reducing the limit on the number of properties sold to 20 as opposed to 50, a different set of postcodes come out as the worst for price drops.
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However, a different set of postcodes have larger percentage drops if the limit is set to just 20 house sales in the last year. The TR5 postcode area, which covers St Agnes in Cornwall, has seen prices drop by more than a fifth in the last month.
The average home there cost £646,043 in the 12 months to the end of August 2023. That dropped by 22.00% to £503,894 in the year ending September 2023.
SW1H, also known as Buckingham Gate, had the next largest percentage drop at 20.91% with homes there now costing an average of £2,415,697. The average home in PL22 cost £404,091 in September, a drop of 15.09% from a month earlier, while in DN38 prices fell by 13.63% to an average of £195,648.
Analysis by The Mirror shows the areas where house prices have dropped (Getty Images/Image Source)Last month, mortgage experts named the best areas to start looking at if you are considering taking the plunge and owning your own home. As soaring interest rates hammer households, those hoping to become first-time buyers have never faced a tougher task as they try to take a huge step.
In fact, ever-increasing mortgage rates mean four in ten people have put their plans on ice. Back in June, research showed first-time buyers will need a £102,000 deposit to keep their payments at the same level as a year ago as interest rates rose to the highest level since 2008.
In a bid to combat the crisis, a study states that 60 per cent of young people would be prepared to relocate to another part of the country for a chance to buy their first home. According to Halifax, Eastbourne in East Sussex is among the best-value towns, with a typical house price of £253,744 – 29% less than the regional average.
Ipswich, in Suffolk, is 25% below the norm for the area (£249,338), while both Hull and Blackburn, Lancashire (£168,895), also have a difference of more than 20%. Falkirk in Scotland, Neath Port Talbot in Wales and Derry City in Northern Ireland also make the list.