House prices have dropped for the fourth consecutive month, as the property market continues to decline.
According to the most recent Halifax House Price Index, the average cost of a home in the UK was £285,044 in July.
This is more than £7,000, or 2.4 per cent, lower than the previous July, just before the property market peak in August 2023.
Although the continuous decline might be concerning for homeowners, Kim Kinnaird, director of Halifax Mortgages, reassured the public by saying: “In reality, prices [have] little changed over the last six months.”
She noted the housing market “continues to display a degree of resilience in the face of tough economic headwinds”.
Some areas of the country are experiencing bigger price falls than others, with properties in the south-east dropping by 3.9 per cent over the year, and those in Greater London declining by 3.5 per cent.
In comparison, property values in the West Midlands have remained relatively flat, with the average house price coming in at around £250,000, which is the same as last July.
Homeowners in the Midlands might be able to weather the storm of the financial crisis better by making their properties appealing to buyers.
This could be why estate agents in Loughborough and other nearby areas are still seeing high numbers of homebuyers.
Loughborough is also attractive to buyers for many other reasons, such as it is a pretty market town, it has a popular university, it is cheap to live there, and it offers lots in the way of restaurants, shopping facilities and entertainment.
It also has excellent transport links to both the north and south of England, thanks to its central location, train station, and nearby motorways.
