Using the latest land registry data, Pinerock Finance, housing market experts and analysts have identified the regions where house prices in England and Wales are declining the fastest.

The data reveals that in January, the average residential house in England and Wales cost £275,275, a 1.7% decline from £280,000 in December. This figure reflects a staggering decrease of 5.3% in just 4 months, since the markets high point of £290,000 in September.

Looking at the average prices of different property types, smaller properties are taking the biggest hit, with the price of terraced properties dropping by 8.2% from December to January, and flats declining by 2.2%

Detached properties increased from £435,000 to £450,000 (+3.4%)
Semi-detached homes increased from £269,500 to £270,000. (+0.2%)
Terraced properties decreased from £228,000 to £210,000 (-8.2%)
Flats declined from £225,000 to £220,000 (-2.2%)

Regions in England and Wales where houses are losing their value fastest:

The regions seeing the fastest decline are the West Midlands and the North West, with both regions seeing a house price decrease of over 10%. Closely followed by Yorkshire and the Humber (-7.7%) and East Midlands (-4.6%).

Only 4 regions in England and Wales saw house prices increases, albeit minimal. East England saw their average house price increase from 340,000 to 356,000 or +3.7%. Likewise, the South West (+2.6), North East (+1.5%) and Wales (+0.4%) saw marginal gains.

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.