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Scotsman
a day ago
- Business
- Scotsman
The biggest house price losers, as one area sees £23K wiped from value in a month
This article contains affiliate links. We may earn a small commission on items purchased through this article, but that does not affect our editorial judgement. The latest house price 'winners' and 'losers' have been revealed From gorgeous Georgian town houses to jaw-dropping penthouses, converted campervans to bargain boltholes. Take a peek at the finest homes across the UK. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... The average house price fell by nearly £23,000 in one area in a month But elsewhere, in one of the nation's poshest neighbourhoods, it shot up by £123,815 House prices fell across the UK as a whole, though the latest figures have been called a 'bump in the road' The average house price in the UK fell by 2.7 per cent between April 2025 and March 2025, the latest figures show | AFP via Getty Images The UK property slump has seen more than £20,000 wiped from the value of homes in one area in the space of a month. Property values nationwide fell by 2.7 per cent between March and April, the first monthly fall recorded this year, according to the latest House Price Index, published on Wednesday, June 18. Advertisement Hide Ad Advertisement Hide Ad The latest figures are the first to cover the period since changes to stamp duty came into force on April 1, 2025, increasing the costs incurred by many homebuyers. A property expert called the monthly fall a 'bump in the road', following the stamp duty changes, and said he expected prices to rise again. The average home in the UK is now worth £265,000 - down from 271,000 in March 2025, but still 3.5 per cent up annually. London was one of the few places in the UK where prices rose month-on-month, though homes in the capital's poshest areas are still worth much less than they were this time last year. Advertisement Hide Ad Advertisement Hide Ad The North West and North East in England saw some of the biggest percentage falls, but it was in Epping Forest, Essex, that the largest amount was wiped off house values. Below are the biggest house price 'winners' and 'losers', based on analysis by Purplebricks Estate Agency of the latest House Price Report. House price 'losers' April 2025 v March 2025 House prices in Epping Forest, Essex, fell by £22,913 between March 2025 and April 2025 | Google Epping Forest, Essex: -£22,913 (-4%) Hackney, London: -£18,883 (-3%) Chichester, Sussex: -£18,621 (-4%) Cotswold: -£17,121 (-4%) North Hertfordshire: -£14,402 (-4%) South Cambridgeshire: -£14,365 (-3%) Brighton & Hove, Sussex: -£13,238 (-3%) North West: -£13,105 (-6%) Newham, London: -£12,878 (-3%) North East: -£12,637 (-8%) House price 'winners' April 2025 v March 2025 Getty Images Kensington & Chelsea, London: +£123,815 (+9%) City of London: +£53,255 (+7%) City of Westminster, London: +£28,408 (+3%) Tandridge, Surrey: +£26,972 (+5%) Islington, London: +£18,904 (+3%) Winchester, Hampshire: +£18,601 (+4%) Three Rivers, Hertfordshire: +£18,287 (+3%) Elmbridge, Surrey: +£15,168 (+2%) Cambridge: +£15,110 (+3%) London: +£14,732 (+3%) 'Bump in the road' Tom Evans, sales director at Purplebricks Estate Agency, said: 'This small monthly decline is little more than a bump in the road - a stumble after April's stamp duty changes. 'One of the best investments you can make is in bricks and mortar, and most buyers are looking at the long-term when they sign on the dotted line. Advertisement Hide Ad Advertisement Hide Ad '2025 has so far been a great year for the market with continued price rises, which I predict will be back before long.' Robert Nichols, managing director of Purplebricks Mortgages, said: 'With 0% deposits, the lowest mortgage rates in two years, the UK is a buyers' market right now. 'And, rising wages means there are more first-time buyers encouraged to put that all-important first foot on the property ladder. 'Movement at the bottom of the ladder will pay dividends in the long-run, promoting sales further and further up the chain - ultimately nudging prices up over time.' Advertisement Hide Ad Advertisement Hide Ad 🏠 Whether you're planning to move or just curious what your home is worth, Purplebricks offers free valuations and fixed-fee selling support from local experts. 👉 Request a valuation or browse current listings in your area.
Scoop
4 days ago
- Business
- Scoop
Cautious Confidence Returns To The Property Market
Press Release – REINZ The Real Estate Institute of New Zealand (REINZ) has released figures for May, revealing a moderately more active market as the country heads into the winter season. While the number of sales has increased compared to the same period last year, this growth has been accompanied by a decline in the national median price and a slowdown in the number of new listings coming to the market. New Zealand's median price has seen a year-on-year decline of 0.9%, settling at $763,000. When considering New Zealand, excluding Auckland, the median price remained stable over the year at $689,000. Conversely, Auckland experienced a year-on-year decline of 3.5%, resulting in its median price reaching $975,000. Eight out of the sixteen regions have reported an increase in median prices compared to May last year, with Southland leading with a notable 10.0% increase, rising from $450,000 to $495,000. The most significant year-on-year decline in median price was observed in Manawatu-Whanganui, which decreased by 5.4%, from $560,000 to $530,000. The stability in interest rates has encouraged more buyers to enter the market, though levels of confidence vary by region. While some areas are experiencing consistent conditions, certain cities are still navigating changes in affordability and demand trends. In May 2025, the number of properties sold in New Zealand rose by 8.9% compared to the same month last year, increasing from 6,579 to 7,166 sales. When excluding Auckland, sales increased by 11.3%, from 4,593 to 5,114. Regionally, Northland recorded the highest year-on-year increase, rising 33.3% from 171 to 228 sales. Other regions with notable sales increases included Tasman (+29.7%), Marlborough (+23.1%), and Manawatu-Whanganui (+18.7%). This May, New Zealand experienced a 2.9% increase in listings compared to the year prior, totalling 9,489 listings. However, when excluding Auckland, there was a slight decline of 0.9% in listings, totalling 5,835. The inventory levels in New Zealand continue to rise, increasing by 5.6% year-on-year to 34,415 properties available for sale. Nationally, 875 auction sales were reported, representing 12.2% of all sales. For New Zealand, excluding Auckland, there were 434 auction sales, accounting for 8.5% of the total sales. Additionally, the median number of days to sell properties in New Zealand has increased, rising by three days to 47, while in New Zealand, excluding Auckland, it rose by four days to 47. The increase in the median days to sell reflects a market that, while more active in terms of transactions, is also characterised by greater buyer caution. Purchasers are taking longer to commit, which local agents suggest could be due to a lack of buyer urgency and the fact that buyers have time to find a property that best suits them. The House Price Index (HPI) for New Zealand is currently at 3,601, showing a year-on-year increase of 0.1% and a decrease of 0.6% compared to April 2025. Over the past five years, the average annual growth rate of New Zealand's HPI has been 4.2%. Southland remains the highest-ranked region for HPI movement, taking the top place for 11 consecutive months. Fact sheet National Highlights for May The total number of properties sold in New Zealand increased by 8.9% year-on-year, to 7,166 properties sold in May 2025. New Zealand, excluding Auckland, saw sales increase by 11.3% year-on-year, to 5,114 properties sold in May 2025 Nationally, the seasonally adjusted figures for New Zealand show a sales count year-on-year increase of 12.7%. Compared to last month, the seasonally adjusted count shows a 5.8% decline Listings nationwide increased by 2.9% year-on-year, to 9,489. For New Zealand, excluding Auckland, listings fell by 0.9% to 5,835 The median days to sell for New Zealand increased by three days, reaching 47 days. For New Zealand, excluding Auckland, the median days to sell increased by four days, to 47. Regional Highlights for May Northland had the highest increase in sales count, up 33.3% year-on-year, from 171 to 228 sales. Tasman followed with a 29.7% year-on-year increase, from 64 to 83 sales. Only three regions reported an increase in listings compared to last year. Those were: o West Coast, up 30.4% (46 to 60 listings) o Gisborne, up 23.3% (30 to 37 listings) o Nelson, up 15.1% (152 to 175 listings). Eight regions had year-on-year median price increases. The three largest increases compared to May 2024 were Southland (+10.0%), West Coast (+6.2%) and Nelson (+2.2%). More information on activity by region can be found in the regional commentaries on the REINZ's Website. Median Prices Eight of 16 regions had year-on-year price increases, with Southland leading the way with a 10.0% increase With Auckland, only one of the seven TAs had a positive year-on-year median price movement; Franklin District with a 4.8% increase With Wellington, three of eight TAs had positive year-on-year median price movements, with Lower Hutt City leading the way with a 3.5% increase There were no regional median price records this month There were no TA median price records this month. Sales Counts This month the sales count was the highest in o West Coast since May 2021 o Northland since July 2021 o Bay of Plenty since November 2024. In terms of the month of May, May 2025 had the highest Sales Count in o Canterbury since 2006 o Tasman since 2013 o NZ excl. Auckland, Bay of Plenty, Manawatu-Whanganui, Marlborough, Nelson, Northland, Otago, Southland, Taranaki, Waikato since 2019. Median Days to Sell In terms of the month of May, May 2025 had the highest median Days to Sell in o Gisborne since 2020. House Price Index (HPI) Southland is the top-ranked HPI year-on-year movement this month and has been for the past 11 months. Taranaki is second, and Canterbury is third Regarding the 3-months ending HPI movement, Southland ranks first, Manawatu-Wanganui is second, and Taranaki is third. Inventory Ten of 15 regions have had an increase in inventory in May 2025 compared to one year prior For each of the past 11 months, Otago has had over 10% increases in inventory YOY For each of the past 13 months, Wellington has had at least 10% increases in inventory YOY. Listings Ten of 15 regions had an increase in listings in May 2025 compared to one year prior Wellington and Southland both had over 15% decreases in Listings in May 2025 compared to May 2024. Auctions In New Zealand, there were 875 auction sales (12.2% of all sales) in May 2025. This time last year, there were 847 auction sales (12.9% of all sales).
Scoop
4 days ago
- Business
- Scoop
Cautious Confidence Returns To The Property Market
The Real Estate Institute of New Zealand (REINZ) has released figures for May, revealing a moderately more active market as the country heads into the winter season. While the number of sales has increased compared to the same period last year, this growth has been accompanied by a decline in the national median price and a slowdown in the number of new listings coming to the market. New Zealand's median price has seen a year-on-year decline of 0.9%, settling at $763,000. When considering New Zealand, excluding Auckland, the median price remained stable over the year at $689,000. Conversely, Auckland experienced a year-on-year decline of 3.5%, resulting in its median price reaching $975,000. Eight out of the sixteen regions have reported an increase in median prices compared to May last year, with Southland leading with a notable 10.0% increase, rising from $450,000 to $495,000. The most significant year-on-year decline in median price was observed in Manawatu-Whanganui, which decreased by 5.4%, from $560,000 to $530,000. The stability in interest rates has encouraged more buyers to enter the market, though levels of confidence vary by region. While some areas are experiencing consistent conditions, certain cities are still navigating changes in affordability and demand trends. In May 2025, the number of properties sold in New Zealand rose by 8.9% compared to the same month last year, increasing from 6,579 to 7,166 sales. When excluding Auckland, sales increased by 11.3%, from 4,593 to 5,114. Regionally, Northland recorded the highest year-on-year increase, rising 33.3% from 171 to 228 sales. Other regions with notable sales increases included Tasman (+29.7%), Marlborough (+23.1%), and Manawatu-Whanganui (+18.7%). This May, New Zealand experienced a 2.9% increase in listings compared to the year prior, totalling 9,489 listings. However, when excluding Auckland, there was a slight decline of 0.9% in listings, totalling 5,835. The inventory levels in New Zealand continue to rise, increasing by 5.6% year-on-year to 34,415 properties available for sale. Nationally, 875 auction sales were reported, representing 12.2% of all sales. For New Zealand, excluding Auckland, there were 434 auction sales, accounting for 8.5% of the total sales. Additionally, the median number of days to sell properties in New Zealand has increased, rising by three days to 47, while in New Zealand, excluding Auckland, it rose by four days to 47. The increase in the median days to sell reflects a market that, while more active in terms of transactions, is also characterised by greater buyer caution. Purchasers are taking longer to commit, which local agents suggest could be due to a lack of buyer urgency and the fact that buyers have time to find a property that best suits them. The House Price Index (HPI) for New Zealand is currently at 3,601, showing a year-on-year increase of 0.1% and a decrease of 0.6% compared to April 2025. Over the past five years, the average annual growth rate of New Zealand's HPI has been 4.2%. Southland remains the highest-ranked region for HPI movement, taking the top place for 11 consecutive months. Fact sheet National Highlights for May The total number of properties sold in New Zealand increased by 8.9% year-on-year, to 7,166 properties sold in May 2025. New Zealand, excluding Auckland, saw sales increase by 11.3% year-on-year, to 5,114 properties sold in May 2025 Nationally, the seasonally adjusted figures for New Zealand show a sales count year-on-year increase of 12.7%. Compared to last month, the seasonally adjusted count shows a 5.8% decline Listings nationwide increased by 2.9% year-on-year, to 9,489. For New Zealand, excluding Auckland, listings fell by 0.9% to 5,835 The median days to sell for New Zealand increased by three days, reaching 47 days. For New Zealand, excluding Auckland, the median days to sell increased by four days, to 47. Regional Highlights for May Northland had the highest increase in sales count, up 33.3% year-on-year, from 171 to 228 sales. Tasman followed with a 29.7% year-on-year increase, from 64 to 83 sales. Only three regions reported an increase in listings compared to last year. Those were: o West Coast, up 30.4% (46 to 60 listings) o Gisborne, up 23.3% (30 to 37 listings) o Nelson, up 15.1% (152 to 175 listings). Eight regions had year-on-year median price increases. The three largest increases compared to May 2024 were Southland (+10.0%), West Coast (+6.2%) and Nelson (+2.2%). More information on activity by region can be found in the regional commentaries on the REINZ's Website. Median Prices Eight of 16 regions had year-on-year price increases, with Southland leading the way with a 10.0% increase With Auckland, only one of the seven TAs had a positive year-on-year median price movement; Franklin District with a 4.8% increase With Wellington, three of eight TAs had positive year-on-year median price movements, with Lower Hutt City leading the way with a 3.5% increase There were no regional median price records this month There were no TA median price records this month. Sales Counts This month the sales count was the highest in o West Coast since May 2021 o Northland since July 2021 o Bay of Plenty since November 2024. In terms of the month of May, May 2025 had the highest Sales Count in o Canterbury since 2006 o Tasman since 2013 o NZ excl. Auckland, Bay of Plenty, Manawatu-Whanganui, Marlborough, Nelson, Northland, Otago, Southland, Taranaki, Waikato since 2019. Median Days to Sell In terms of the month of May, May 2025 had the highest median Days to Sell in o Gisborne since 2020. House Price Index (HPI) Southland is the top-ranked HPI year-on-year movement this month and has been for the past 11 months. Taranaki is second, and Canterbury is third Regarding the 3-months ending HPI movement, Southland ranks first, Manawatu-Wanganui is second, and Taranaki is third. Inventory Ten of 15 regions have had an increase in inventory in May 2025 compared to one year prior For each of the past 11 months, Otago has had over 10% increases in inventory YOY For each of the past 13 months, Wellington has had at least 10% increases in inventory YOY. Listings Ten of 15 regions had an increase in listings in May 2025 compared to one year prior Wellington and Southland both had over 15% decreases in Listings in May 2025 compared to May 2024. Auctions In New Zealand, there were 875 auction sales (12.2% of all sales) in May 2025. This time last year, there were 847 auction sales (12.9% of all sales).
Yahoo
02-06-2025
- Business
- Yahoo
What's the average UK house price? May's market data shows resilience
UK house prices edged up slightly to 3.5% on an annual basis in May, up from 3.4% in April, according to Nationwide's latest House Price Index report. This was ahead of analyst estimates of 2.9%, pointing to a still-resilient UK housing market, despite cost challenges following stamp duty threshold decreases at the start of April. On a month-on-month basis, UK house prices jumped 0.5% in May, bouncing back from a -0.6% fall in April. This was more than the 0.1% increase expected by the market as well. The average UK house price was £273,427 (€324,232.5) in May, up from £270,752 (€321,053.7) in April. Nationwide's chief economist, Robert Gardner, said in the May house price index report on the company's website: 'Official data confirmed that there was a significant jump in residential property transactions in March, with buyers bringing forward their purchases to avoid additional stamp duty costs. 'Owner occupier house purchase completions were around twice as high as usual and the highest since June 2021, which was also impacted by stamp duty changes.' He also noted that mortgage approval data suggests market activity has remained resilient following the end of the stamp duty holiday, with underlying UK housing market conditions staying robust despite broader global economic volatility Alice Haine, personal finance analyst at online investment platform Bestinvest by Evelyn Partners, said in an email note to Euronews: 'While some buyers are clearly pushing ahead with their purchase journey, others may now be mulling their options more carefully as higher costs pose a fresh challenge. Lower stamp duty thresholds have the biggest impact on first-time buyers as they must now save enough to cover a potentially sizable tax bill in addition to their deposit.' Related European property market: Where have housing costs soared the most? She noted that this may encourage lenders to offer 100% mortgages to help first-time buyers get started on the property ladder, especially as several loan providers have already relaxed their requirements in an effort to draw more clients. Falling interest rates as the Bank of England loosens monetary policy somewhat has also helped borrowing conditions, although sticky-high inflation may slow progress. Businesses passing on higher employment costs to consumers, mainly because of changing US tariff conditions, could impact the housing market as well. 'Uncertainty is becoming the new normal and for many first-time buyers or home movers looking to refinance their existing mortgage soon, it may be better to push ahead with a purchase rather than wait for the ideal borrowing conditions,' Haine noted. "Plus, the traditional surge in listings at this time of year is a positive buyers can take advantage of, as a wider stock of homes to choose from raises the potential for heavier negotiation on price,' she added. According to a recent special report by Nationwide, average house prices in mainly rural areas have continued to grow faster than more urban areas, rising 23% between December 2019 and December 2024. This is compared to an 18% increase in mainly urban areas. Nationwide's chief economist, Robert Gardner, highlighted: 'The pandemic had a significant impact on housing demand during 2021 and 2022, with a shift in preferences towards more rural areas, particularly amongst older age groups. Whilst these effects have now faded, less urban areas have continued to hold the edge in terms of house price growth.' The report also revealed that among house owners who have moved in the last five years, 63% moved within the same type of area, mainly between large towns or cities. 9% of homeowners moved to rural areas such as hamlets or villages from towns and cities, whereas 7% did the opposite. Perhaps unsurprisingly, younger movers between the ages of 25 and 34 preferred to move to more urban localities, whereas older people, especially above 55 moved to more rural places. Sign in to access your portfolio
Yahoo
02-06-2025
- Business
- Yahoo
What's the average UK house price? May's market data shows resilience
UK house prices edged up slightly to 3.5% on an annual basis in May, up from 3.4% in April, according to Nationwide's latest House Price Index report. This was ahead of analyst estimates of 2.9%, pointing to a still-resilient UK housing market, despite cost challenges following stamp duty threshold decreases at the start of April. On a month-on-month basis, UK house prices jumped 0.5% in May, bouncing back from a -0.6% fall in April. This was more than the 0.1% increase expected by the market as well. The average UK house price was £273,427 (€324,232.5) in May, up from £270,752 (€321,053.7) in April. Nationwide's chief economist, Robert Gardner, said in the May house price index report on the company's website: 'Official data confirmed that there was a significant jump in residential property transactions in March, with buyers bringing forward their purchases to avoid additional stamp duty costs. 'Owner occupier house purchase completions were around twice as high as usual and the highest since June 2021, which was also impacted by stamp duty changes.' He also noted that mortgage approval data suggests market activity has remained resilient following the end of the stamp duty holiday, with underlying UK housing market conditions staying robust despite broader global economic volatility Alice Haine, personal finance analyst at online investment platform Bestinvest by Evelyn Partners, said in an email note to Euronews: 'While some buyers are clearly pushing ahead with their purchase journey, others may now be mulling their options more carefully as higher costs pose a fresh challenge. Lower stamp duty thresholds have the biggest impact on first-time buyers as they must now save enough to cover a potentially sizable tax bill in addition to their deposit.' Related European property market: Where have housing costs soared the most? She noted that this may encourage lenders to offer 100% mortgages to help first-time buyers get started on the property ladder, especially as several loan providers have already relaxed their requirements in an effort to draw more clients. Falling interest rates as the Bank of England loosens monetary policy somewhat has also helped borrowing conditions, although sticky-high inflation may slow progress. Businesses passing on higher employment costs to consumers, mainly because of changing US tariff conditions, could impact the housing market as well. 'Uncertainty is becoming the new normal and for many first-time buyers or home movers looking to refinance their existing mortgage soon, it may be better to push ahead with a purchase rather than wait for the ideal borrowing conditions,' Haine noted. "Plus, the traditional surge in listings at this time of year is a positive buyers can take advantage of, as a wider stock of homes to choose from raises the potential for heavier negotiation on price,' she added. According to a recent special report by Nationwide, average house prices in mainly rural areas have continued to grow faster than more urban areas, rising 23% between December 2019 and December 2024. This is compared to an 18% increase in mainly urban areas. Nationwide's chief economist, Robert Gardner, highlighted: 'The pandemic had a significant impact on housing demand during 2021 and 2022, with a shift in preferences towards more rural areas, particularly amongst older age groups. Whilst these effects have now faded, less urban areas have continued to hold the edge in terms of house price growth.' The report also revealed that among house owners who have moved in the last five years, 63% moved within the same type of area, mainly between large towns or cities. 9% of homeowners moved to rural areas such as hamlets or villages from towns and cities, whereas 7% did the opposite. Perhaps unsurprisingly, younger movers between the ages of 25 and 34 preferred to move to more urban localities, whereas older people, especially above 55 moved to more rural places. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
