The most recent data from the Office for National Statistics (ONS) paints a complex picture of the UK housing market. Nationwide, there’s been a slight decrease in house prices, which is potentially good news for buyers. The average house price across the UK fell by £1,497 in September, a drop of about 0.5%. This means that the average cost of a home in the UK was £291,385 in the 12 months leading up to September, a slight decrease compared to the previous year.

The Winners: Areas with Price Drops

For those looking to purchase a property, certain areas are becoming more affordable. In Bristol, for instance, the average house price is now £350,927, marking a 2.4% drop compared to last year. Similarly, North Somerset saw a slight decrease of 0.2% over the past 12 months.

The Losers: Regions with Declining Values

On the flip side, sellers in some regions are facing the challenge of declining property values. Kensington and Chelsea, a traditionally high-value area, experienced the sharpest decline. The average property price there fell to £1,203,055, a substantial 20.6% decrease from the previous year. Other areas facing significant price drops include the City of London (15.7% decrease), Blaenau Gwent (11.2% decrease), Burnley (10.9% decrease), and Hastings (9.7% decrease).

The Exception: Areas with Surging Prices

Interestingly, not all regions are following this downward trend. East Lothian, for instance, has seen a remarkable annual increase of 15.2%, with the average property costing £347,866. South Tyneside and Na h-Eileanan Siar (the Outer Hebrides) also experienced significant increases of 9.8% and 9.4%, respectively.

Other areas with noteworthy increases include Test Valley (8.6% increase, average price £440,304), Cannock Chase (8.1% increase, average price £247,274), North East Derbyshire (7.4% increase, average price £257,054), and several others with increases hovering around the 7% mark.