Disparities in UK Property Market Performance Highlighted by New Data from GetAgent.co.uk

New data from GetAgent.co.uk has revealed a tale of two property markets across the UK since the peak of the pandemic in September 2022, emphasizing the importance of local expertise in the real estate sector.

According to the analysis using data from the Land Registry, UK house prices experienced a steady increase of 24.6% from December 2019 until September 2022. However, since that peak, national average prices have slightly cooled, dropping by 2.9% due to tougher market conditions and higher mortgage rates.

Regionally, the differences are striking. While Northern Ireland saw a slight increase of 1% in house prices since September 2022, London witnessed a notable drop of 7.1%. At the local authority level, there were even more significant variations, with areas like Rossendale and Ribble Valley experiencing double-digit increases, while Kensington and Chelsea faced a substantial decline of 24.4%.

Colby Short, the co-founder and CEO of GetAgent.co.uk, highlighted the significance of local insights in navigating the diverse property markets. He stressed that property markets are hyper-localized, and the expertise of local estate agents who understand specific markets is invaluable in providing accurate advice and pricing properties effectively for sellers.

The data serves as a reminder of the nuanced nature of the property market, where understanding the dynamics of individual areas is crucial for both buyers and sellers to achieve the best possible outcomes. With disparities in property performance evident across the UK, having local expertise on hand can make all the difference in navigating the ever-changing real estate landscape.