While house prices remain substantially higher than they were last Christmas, a handful of areas have seen a decline, according to the latest housing market research by House Buyer Bureau.
The property purchasing specialist analysed house price growth since last December to reveal where the nation’s homebuyers have been handed the property market equivalent of a lump of coal this Christmas, in the form of a reduction in the value of their property.
The City of Westminster has seen the worst Christmas property market performance this year, with the average house price sliding by a notable -11.8% since last December.
Additionally, the London Borough of Camden has seen the next largest reduction, although at -4.3% this decline isn’t as drastic as that seen in Westminster, although it still equates to almost £38,000 wiped from the average house price in the borough.
Chris Hodgkinson, managing director of House Buyer Bureau, said: “With the market now starting to cool, chances are things are only going to get worse as we approach 2023.
“For those looking to sell in the current market, there’s still time to do so quickly before the rot sets in.
“Although for home sellers in the likes of Westminster and Camden, a quick sale is unfortunately a case of damage limitation.”
The City of London has seen the next largest Christmas house price drop, down -2.4% since last December (-£19,298), followed by Kensington and Chelsea at -1.2% (-£17,006).
The City of Aberdeen is the only other area of the UK property market outside of London to see house prices fall since last Christmas, although at -0.2%, this reduction equates to just a -£271 drop in house prices.
Hodgkinson added: “A reduction in the value of your home is always hard to stomach, but it’s perhaps that bit harder when the rest of the UK has been benefiting from a property market boom, even more so when you live in one of just a handful of areas to have seen house prices drop.
“Unfortunately for homeowners across prime central London and Aberdeen, this has been the reality since last Christmas.”
