While house prices may be cooling during this period of economic turmoil, some local markets have seen property values increasing by up to 10%, according to research from Moverly.
Moverly analysed point-to-point house price changes in Britain for January and May 2023 on both a regional and local authority (LA) level using data from the Land Registry.
The housing market has remained largely static this year; between January and May, the average house price declined by 0.6%.
The only region to see prices rise during this time was Scotland, where the average increased by 4.7%.
All other regions saw small declines, with the most significant drop of -2.5% being recorded in the East of England.
However, price change analysis on a local authority level showed more movement, both up and down.
The biggest decline was seen in North East Derbyshire where prices fell by 12.7%.
The Shetland Islands (-11.6%), Rossendale (-9.9%), and West Lindsey (-9.2%) also recorded significant drops.
East Lothian in Scotland experienced price growth of 10% over the five-month period, followed by Renfrewshire (8.1%), East Cambridgeshire (6.7%), and Uttlesford (5%).
Oxford (4.6%), South Hams (4.5%), Aberdeen (4.4%), Winchester (4.3%), North Hertfordshire (4.1%) and Monmouthshire (3.8%) also ranked within the top 10 areas with the highest rates of house price growth so far this year.
Ed Molyneux, co-founder of Moverly, said: “Britain’s national picture, which is the one that makes up the majority of news headlines, shows a largely stubborn housing market, somehow resisting any kind of price dissemination as a result of wider economic struggles.
“Although, it’s fair to say that the positive price growth of the pandemic boom has also now vanished.”
He continued: “But the nation’s market is made up of many local markets and taking the time to analyse this data shows that prices have been anything but static.
“In one corner of Britain we see -13% drops, while in another it’s 10% growth.
“This is why, instead of being influenced by the national picture, buyers and sellers are wise to consider the conditions of their own local market when deciding whether now is the time to buy or sell.”
