New data from GetAgent.co.uk, an estate agent comparison site, illustrates significant disparities in property market performances across the UK since the pandemic peak in September 2022.
While some areas have seen property values continue to rise, others have experienced substantial declines, underscoring the importance of local expertise in the real estate sector.
The analysis, using historic data from the Land Registry, shows that UK house prices increased by 24.6% from December 2019 until the market peak in September 2022.
However, since that peak, average prices have slightly cooled, dropping by 2.9% nationwide due to tougher market conditions and higher mortgage rates.
Regionally, the contrasts are stark. For instance, Northern Ireland has seen a 1% increase in house prices since September 2022, while London has witnessed a 7.1% drop.
The disparity is even more pronounced at the local authority level. Rossendale and Ribble Valley, for example, have enjoyed increases of 12.2% and 12% respectively, whereas Kensington and Chelsea have seen a dramatic fall of 24.4%.
Colby Short, co-founder and CEO of GetAgent.co.uk, stressed the importance of local insights: “As someone who has been in the property industry for 10 years, people often ask me about the market.
“Whilst I can give them a detailed breakdown of the nationwide or even regional markets I often have to tell them I don’t have enough information about the market for their type of property in their area to give useful advice.”
He added: “Property markets are hyper-localised and the experts are the best local estate agents who live and breathe that particular market.
“That market knowledge allows these agents to give accurate advice and price properties accordingly, both of which are key to getting vendors the best possible outcome on their sale.”
