The housing market in the UK has been a roller coaster ride over the past year, with significant fluctuations in prices, according to a recent analysis by Pinerock Finance. The latest data from the Land Registry reveals that the average residential house in England and Wales during the month of January was £275,275, down from the previous month's average of £280,000, representing a change of -1.69%. The average price is also down from the recent high point of £290,000 in September, indicating a change of -5.3%. However, compared to the average price of £255,000 from 12 months ago, this represents a 7.4% difference.
The average prices of different property types in England and Wales also witnessed a change between December and January. Detached properties saw an increase from £435,000 to £450,000, while semi-detached homes saw a marginal increase from £269,500 to £270,000. In contrast, terraced properties dropped from £228,000 to £210,000, and flats saw a decline from £225,000 to £220,000.
When it comes to regional trends, the average residential house price in London was £515,000 in January, down from the previous month's average of £527,000, indicating a change of -2.28%. Compared to the recent high point of £540,000 in September, the current price represents a change of -4.9%. However, the average price from 12 months ago was £500,000, indicating a difference of 2.9%.
In the South East region, the average residential house price in January was £380,000, down from the previous month's average of £385,000, a change of -1.30%. Compared to the recent high point of £395,000 in September, the current price represents a change of -3.9%. The average price from 12 months ago was £350,000, indicating a difference of 7.9%.
Meanwhile, in the South West region, the average residential house price in January was £318,000, up from the previous month's average of £310,000, a change of 2.58%. Compared to the recent high point of £320,000 in October, the current price represents a change of -0.6%. The average price from 12 months ago was £285,000, indicating a difference of 10.4%.
In the East of England region, the average residential house price in January was £356,000, up from the previous month's average of £340,000, a change of 4.71%. The average price from 12 months ago was £322,186, indicating a difference of 9.5%.
In the West Midlands region, the average residential house price in January was £215,000, down from the previous month's average of £240,725, a change of -10.69%. Compared to the recent high point of £240,725 in December, the current price represents a change of -12%. The average price from 12 months ago was £214,000, indicating a difference of 0.5%.
In the East Midlands region, the average residential house price in January was £219,500, down from the previous month's average of £230,000, a change of -4.57%. Compared to the recent high point of £239,475 in August, the current price represents a change of -9.1%. The average price from 12 months ago was £215,000, indicating a difference of 2.1%.
The Yorkshire and The Humber region saw a decrease in average house prices from £195,000 in December to £180,000 in January, representing a change of -7.69%. Compared to the recent high point of £195,000 in December, the current average price shows a decline of -8.3%. However, the average price 12 months ago was £175,000, which is a different of 2.8%.
In the North West, average house prices decreased from £191,000 in December to £172,000 in January, representing a change of -9.95%. Compared to the recent high point of £197,498 in November, the current average price shows a decline of -14.8%. However, the average price 12 months ago was £177,500, which is a different of -3.2%.
The North East region saw an increase in average house prices from £148,750 in December to £151,000 in January, representing a change of 1.51%. However, the average price 12 months ago was £127,000, which is a different of 15.9%.
In Wales, the average residential house price in January was £200,750, a slight increase from December's average of £200,000, representing a change of 0.38%. The average price 12 months ago was £180,000, which is a different of 10.3%.
Overall, the property market seems to be experiencing a trend of falling prices, which may be attributed to factors such as rising interest rates and the cost of living crisis. These factors are making potential buyers reluctant to enter into property buying negotiations. However, with the belief that interest rates are near the end of their climb, the outlook for the next few months seems to be slightly more optimistic.