10 UK regions where house prices are set to fall the most – see list in full
Housing experts have warned the UK’s property market is set to take a brutal nosedive in the coming months.
Data from house seller advice service PropCast shows demand fell 15.4 percent in Clwyd between June and September, which is the steepest drop across the whole of the UK, matched only by West Glamorgan.
Experts have also predicted plunges in property prices in other parts of the UK including Cornwall, Lincolnshire and the Isle of Wight.
Latest figures on buyer demand show a sharp drop in the number of people looking for second homes in coastal areas.
Experts predicted surging mortgage rates will push house prices down over the next year, causing a significant market slump.
Rising mortgage rates are also said to have affected the market overall.
In October, Gavin Brazg, Founder of PropCast, said: “Although a lot of the UK is still in a sellers’ market, we are seeing big drops in demand, pushing those locations further towards a buyers’ market.
“More properties are also coming to market. This re-balance means the balance of power is slowly shifting towards buyers, which will mean house prices will stabilise and potentially even fall.
“This means it’s more important than ever before for sellers to remain realistic about what their home is worth, and choose a good local estate agent who will implement an optimal pricing and marketing strategy.
“Otherwise, they will find their home will struggle to sell. Whilst for buyers, they may be able to negotiate on price a bit more – something that hasn’t really been possible over the last two and half years.
“This can help ease the burden of increased mortgage repayments, as can any stamp duty saving.
“However, demand is still out there, so buyers need to make sure they are ready to move when they’re making their offer.
“This means having the funds organised, solicitors appointed and all the paperwork in place.”
Among the site’s 10 hardest-to-sell postcodes last month were in Brynteg and Cemaes Bay on Anglesey and Talybont in Gwynedd.
The 10 regions which have seen the biggest falls in property prices over the past year:
- Clwyd (15.4%)
- West Glamorgan (15.4%)
- Cornwall (14.5%)
- South Glamorgan (14.1%)
- Lincolnshire (13.6%)
- Worcestershire (13%)
- Bedfordshire (13%)
- Nottinghamshire (13%)
- Isle of Wight (12.9%)
- Leicestershire (12.5%)