Some areas have experienced house price drops of more than £315,000 since September 2022’s disastrous mini-Budget, according to the latest market analysis by property purchasing specialist, House Buyer Bureau.
Regional house price analysis by House Buyer Bureau has revealed that in the GU25 postcode district of Runnymede, Surrey, the average asking price has plummeted by -£315,368, falling from roughly £1.9m in September to £1.6m today.
In the SO42 district of Hampshire’s New Forest, the average asking price has fallen from just over £1m to £781,257, a drop of -£289,605, and in Worcester’s WR6 postcode, prices have fallen by -£143,804, from £572,478 down to £428,674.
Chris Hodgkinson, managing director of House Buyer Bureau, said: “We’ve seen house prices pushed to record highs during the pandemic and with the market now cooling, it’s no surprise that property values are heading back down to earth.
“Overall this return to reality has been a steady one but when analysing the market at a more granular level, there are certainly some areas where property values have really fallen through the floor in the wake of September’s mini-budget.”
Furthermore, the research found that in Colchester’s CO8 district, prices have fallen from £607,429 to £466,333, a decline of -£141,096, and in Surrey’s KT24 postcode district, prices have dropped by -£135,092, from £1.1m to £969,638.
Significant price drops have also been recorded in Somerset’s BS28 (-£128,074), London’s SW3 (-£121,049) and WC2 (-£117,796), RG25 in Hampshire (-£116,234), and IV25 in the Scottish Highlands (-£104,861).
Hodgkinson added: “While we don’t anticipate this rot to set in across the entirety of the market, those currently pondering a move are advised to sell their home quickly if they wish to secure anywhere close to the pandemic highs of the last two years.”
