House prices are falling in 30 areas of the country – see if your home is among them by using our interactive map. The average cost of buying a home increased by £16,333 over the last year.
It cost £271,415 to buy the average home in the UK in the 12 months to March, according to the latest figures from the Land Registry.
That’s 6.4% more than in the year to March 2024 and works out as an average of £16,333 extra for each home.
Prices are rising and falling at different rates across the country, however. London has experienced the most dramatic house price declines in the UK over the past year. The City of London saw the steepest fall at 20.7%, with average home prices dropping to £905,448 – a massive £186,985 decrease from the previous year.
Meanwhile, the Shetland Islands is the UK’s property hotspot. Prices on the islands increased by 18.2% (equivalent to £35,358 per house) compared to a year ago, with the average home now costing £194,305.
Blackburn with Darwen has the joint second highest increase at 16.9%. The average house price in the Lancashire town is now £138,142, which is £23,395 more than a year ago.
You can see how average prices have changed over the last 12 months by using our interactive map:
A total of 30 different council areas have seen the average house price drop over the last 12 months. Aside from City of London, Westminster, saw the average house prices fall the most – by 20.1% to £1.1million, which is £227,050 less than a year ago.
Average house prices fell by 15.1% in Kensington and Chelsea (£212,043 less than a year ago), in Hammersmith and Fulham they fell by 13.2% (£110,998) and in Islington by 8.2% (£58,741).
The average cost of buying your first home also increased across the country. In England, first-time buyers paid an average of £249,763 in the 12 months to March. That’s 7.7% more than a year earlier, meaning people had to find an extra £17,960 on average in order to buy their first home. In Wales, the cost of buying your first home increased by 4.6% to an average of £179,665. In Scotland, the average increased by 4.1% to £152,276.
Council areas where house prices are falling
- City of London: -20.7%
- City of Westminster: -20.1%
- Kensington and Chelsea: -15.1%
- Hammersmith and Fulham: -13.2%
- Islington: -8.2%
- Cotswold: -7%
- Newham: -6.3%
- Ceredigion: -5.3%
- Camden: -4.5%
- City of Aberdeen: -3.9%
- Argyll and Bute: -3.8%
- Inner London: -2.9%
- Greenwich: -2.8%
- Harlow: -2.5%
- Merthyr Tydfil: -2.5%
- Wandsworth: -2.4%
- Torfaen: -2.4%
- Bath and North East Somerset: -1.8%
- York: -1.6%
- Eastbourne: -1.5%
- North Norfolk: -1.2%
- Tandridge: -0.9%
- Redditch: -0.8%
- North Ayrshire: -0.6%
- Blaby: -0.5%
- Castle Point: -0.5%
- South Ayrshire: -0.4%
- West Suffolk: -0.3%
- Torridge: -0.2%
- Angus: -0.1%
