The East of England's housing market has been subject to significant fluctuations over the past year. According to analysis conducted by Pinerock Finance, the average residential house in the region during January was £356,000, up from December's average of £340,000, resulting in a change of 4.71%. The average price 12 months ago was £322,186, indicating an increase of 9.5%.
In terms of different property types, there were notable changes in average values between December and January. Detached properties saw an increase from £485,000 to £500,000, while semi-detached properties rose from £350,000 to £378,000. Terraced properties experienced a decrease from £320,000 to £290,000, while flats dropped from £206,000 to £180,750.
Across England and Wales, the average residential house price for January was £275,275, down from December's average of £280,000, marking a change of -1.69%. Compared to the high of £290,000 in September, this represents a decrease of -5.3%.
Taking a closer look at towns and cities in the East of England, Luton had an average residential house price of £285,000 in January, a drop from December's average of £316,500, equating to a change of -9.95%. Compared to the recent high of £320,000 in September, the current price reflects a change of -12.3%. The average price 12 months ago was £285,000, indicating no change.
In Norwich, the average residential house price in January was £250,000, down from December's average of £290,000, resulting in a change of -13.79%. Compared to the recent high of £300,000 in September, the current price represents a decrease of -20%. The average price 12 months ago was £275,000, resulting in a change of -10%.
Meanwhile, Colchester saw an average residential house price of £425,000 in January, up from December's average of £336,500, marking an increase of 26.30%. The average price 12 months ago was £298,812, indicating an increase of 29.7%.
In Chelmsford, the average residential house price for January was £385,000, down from December's average of £418,000, marking a change of -7.89%. Compared to the recent high of £418,000 in December, the current price represents a decrease of -8.6%. The average price 12 months ago was £386,250, indicating a difference of -0.3%.
Finally, in Cambridge, the average residential house price in January was £472,000, up from December's average of £460,000, marking a change of 2.61%. Compared to the recent high of £482,250 in July, the current price represents a decrease of -2.2%. The average price 12 months ago was £425,000, resulting in a change of 10%.
Overall, the UK property market remains one of falling prices, with interest rates on the rise and the cost of living crisis affecting consumers' spending power. The expectation of further price drops is making buyers reluctant to enter into property negotiations. However, with interest rates likely to stabilize in the near future, the outlook for the next few months appears to be slightly more optimistic.