The UK is trapped in a spiral of crashing property prices, and it will be a while before the trend reverses itself. Although the average fall this month is less severe compared to previous months, how hard you are hit depends a great deal on your postcode. We catalogue the worst-suffering areas in the UK
The most recent house price report from Nationwide Building Society holds no surprises for the
country’s homeowners. As expected, it revealed that, in November, the price of houses fell by a
further 0.4%, taking the value of an average home down to £158,442.
Although this is a moderate stumble compared with October’s 1.3% drop - and actually improves
the annual rate of house price inflation to 13.9% from 14.6% - the housing market is still heading
south and, experts believe, is a long way from recovery.
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What’s more, averages don’t tell the full story and some pockets of the UK are seeing their homes fall in value at a much faster rate. London agents reported at the weekend that some vendors have dropped their asking prices by £100,000 and in some city centres, new-build homes - of which there is an oversupply - are selling at a 50% loss. So what areas and properties are suffering the worst behind the sheen of average price falls.
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