Ellesmere Port has been identified as a property ‘cold spot’ as house prices there fell by more than four per cent since the start of 2017, according to new data from Zoopla.
The town has been ranked the eighth ‘worst performing town’ in the country by the property website.
It claims the average property price there was £172,697 in January, but it’s plummeted by £7,330 to £165,367.
Topping their table for poor performance is Richmond in North Yorkshire, where prices have dropped by 5.34 per cent – £15,085 – during that period.
In terms of the national picture, the total value of the British property market has grown by just 1.10 per cent (or £88 billion) since the start of the year to almost £8.1 trillion.
Zoopla says this marks a significant slowdown when compared to the performance of the housing market over the same period last year when the total value of all stock rose by 5.28 per cent (£410 billion).
The figures also show, it claims, that the average British home has risen in value by just £3,039 since January (or £16.79 per day), a drop of over £10k versus last year when the average property increased by £13,852 over the same six-month period (or £76.11 per day).
The average British home is now valued at £304,469, with properties in the West Midlands increasing the most in value over the first half of the year from £212,024 to £217,534 (2.6 per cent). This region is closely followed by the East of England and Scotland with average property price increases of 2.52 per cent and 1.74 per cent, respectively. Wales places last as property prices have dipped by an average of 0.86 per cent (£1,553) to £179,354 and is closely followed by the North East (-0.76 per cent) and South West (0.26 per cent).
Zoopla spokesman Lawrence Hall said: “Whilst the rate of growth has slowed to a more modest rate, we’re not seeing the stark downturn in values that has been predicted.
“Whilst this slowdown might not be what homeowners want to hear, a slowdown does present a possible opportunity for those looking to get on the ladder by the end of the year.”
Zoopla’s keyword search data reveals that house hunters are looking for properties with plenty of parking and external space as the top searches so far in 2017 are ‘garage’, ‘parking’ and ‘detached’. ‘Garage’ takes the top spot for the first time, overtaking ‘garden’, while ‘parking’ has climbed from fourth to second place.