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6 places where house prices are falling fast - and where properties have gone down £5,000 in just three months

Mirror logo Mirror 12/04/2018 Emma Munbodh
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Britain's property market has risen by £114 billion in the past three months - a 1.39% increase year on year, according to property listing website Zoopla.

The figures take the total value of Britain's housing stock to £8.3 trillion - in a positive hit for homeowners.

Between the months of January and March, the average UK home leaped £3,917 - with each property increasing in value by £44 per day.

The North West was Britain’s highest growing region during this period, with the average property increasing by £3,552.

The East Midlands and Yorkshire & The Humber closely followed closely with prices up £3,357 and £2,750 respectively.

Rising prices are welcome news for those on the ladder or perhaps looking to sell - but what about first time buyers battling saving with paltry wages and inflation?

Zoopla's report has also identified the areas where house prices have actually fallen so far this year - and it could spell a sigh of relief for budding homeowners.

Where prices are going down - fast

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In Ebbw Vale, Blaenau Gwent in Wales, the average home in January would have set you back £107, 361. However over the past three months, properties have fallen by £1,022 pushing the typical home right now to £106,339. That's a 0.95% reduction.

In Immingham, North East Lincolnshire, house prices have actually fallen by £2,097 so far this year marking a 1.75% decrease in just three months.

The average home in the northern town will now set you back £119,708 compared to £121,805 just after Christmas.

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Also in Wales, homes in Caernarfon, Gwynedd, have gone down by £1,797 on average this year. In January, average properties were recorded within the £172,974 region - however this is now £171,177.

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If you've a slightly higher budget, Snodland in Kent may be worth keeping an eye on - where property prices have fallen £2,062 in the past few months.

Between January and March, prices fluctuated from £274,711 to £272,109 - a 0.95% decline in prices.

Within the same price bracket is Ripon in North Yorkshire, where homes have dropped 1.08% in the past quarter.

The cathedral city which sits in the Borough of Harrogate has seen homes fall from £285,982 to £282,885 - marking a £3,097 drop in the average house price.

For those hoping to invest within the Greater London area, Edgware in north London may be on your list where prices have taken a dramatic tumble to the tune of £5,048 in the past three months.

The area, which is home to its own tube station and bustling high street, has seen homes fall from £498,260 to £493,212 on average this year.

Lawrence Hall, at Zoopla, said: "House price growth outside London and the North is robust and shows little sign of slowing. Demand is holding up and affordability is attractive which is a positive for those looking to get on the ladder or move home."

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