Nearly two thirds of homeowners in Norwich see the value of their property decrease
It's after prices were pushed higher during the pandemic as people 'raced for space'
Nearly two thirds of homeowners in Norwich have seen the value of their property decrease increase over the last 12 months.
That's according to Zoopla, which says the decline is likely caused by a rush of buyers during the "race for space" seen during the coronavirus pandemic, which previously pushed house prices higher as people made lifestyle changes.
The property website says, on average, homeowners whose property has fallen in value have seen an average fall of £7,700.
The national picture
Nationally, around two thirds (66%) of homeowners saw the value of their property increase over the 12 months to May.
Nearly one in five (18%) saw a decrease in the value of their home in the same time period, while, for one in six (16%) the value of their property remained broadly unchanged.
On average, homeowners whose home has increased in value over the year to May have seen a rise of £7,000, or £19 per day.
The analysis is based on Zoopla's valuation estimate for homes across the UK.
Richard Donnell, executive director at Zoopla, said: "With a value of £10.7 trillion, the housing market is a huge part of the nation's wealth.
"Everyone's home has its own value and trajectory of how that value is changing over time."
Zoopla also found that in the six months to May, the areas with the highest proportion of homes going up in value were concentrated in northern England and the Midlands, whilst the highest concentrations of homes falling in value over the six months to May tended to be in coastal locations across southern England.
The top locations with the highest concentrations of housing value increases in the six months to May 2023, with the estimated proportions of homes with a value increase during the period:
- Halifax, Yorkshire and the Humber, 67%
=2. Derby, East Midlands, 65%
=2. Wakefield, Yorkshire and the Humber, 65%
- Huddersfield, Yorkshire and the Humber, 59%
- Wolverhampton, West Midlands, 57%
- Dorchester, South East, 56%
- Chester, North West, 54%
- Galashiels, Scotland, 53%
=9. Hereford, West Midlands, 52%
=9. Carlisle, North West, 52%
=9. Bradford, Yorkshire and the Humber, 52%
The top locations with the highest concentrations of housing value decreases in the six months to May 2023, with the estimated proportions of homes with a value decrease during the period:
- West Central London, London, 68%
- Colchester, East of England, 67%
- Canterbury, South East, 66%
- Kilmarnock, Scotland, 65%
- Norwich, East of England, 64%
- Brighton, South East, 63%
- Southend-on-Sea, East of England, 62%
=8. Torquay, South West, 59%
=8. Truro, South West, 59%
- Blackpool, North West, 58%