Homeowners Experience Significant Decrease in House Prices, With One Area Seeing an Average £15,000 Drop in Value Over a Year
In the past month, homes have seen a decrease in value amounting to almost £1,000. Furthermore, in one area, the average house price has decreased by £15,000 over the course of a year, according to recent reports.
Halifax, the largest mortgage lender in Britain, has revealed that property prices have fallen by 0.3% since June, marking the fourth consecutive monthly decline.
The current average house price stands at £285,044, a decrease from £285,932 the previous month. Over the past year, the value of a typical home has fallen by 2.4%, which translates to an £8,948 drop.
Certain areas, such as the South East, have experienced a faster decline in property prices, with a year-on-year decline of 3.9%. The average home in the region is now valued at £382,489, which is roughly £15,500 less than 12 months ago.
Homes have had almost £1,000 wiped off their value in the past month, it has emerged
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