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Could your home be in the one of the postcodes predicted to see house prices drop over the coming months?
New research from TheAdvisory, an independent consumer advice group for home sellers, has revealed the postcodes most likely to see house prices drop in the next month.
By analysing the performance of 786,542 property sales, across England & Wales, the weakest property markets have been identified. TheAdvisory has issued price drop warnings for 262 postcode districts.
The following ten postcodes have been revealed as being the most likely to see house prices drop over the coming months.
Top 10 postcodes predicted to see house prices drop
1. TA17 – Somerset, England
While if you live in these postcodes already it may not be great news, for those house hunting it could signal a great place to start searching – to bag a bargain property.
2. LL43 – Gwynedd, Wales
3. NE44 – Northumberland, England
4. HU20 – East Riding of Yorkshire, England
5. B19 – West Midlands, England
6. LS3 –West Yorkshire, England
7. LL67 – Gwynedd, Wales
8. SA47 – Dyfed, Wales
9. BN45 – Sussex, England
10. DL11 –North Yorkshire, England
‘There are numerous factors that can lead to house price drops, which are usually symptomatic of each other,’ explains Gavin Brazg, TheAdvisory Founder & CEO. ‘When buyer demand in a particular area consistently drops, or houses are left on the market for too long (usually because of the decrease in demand), homeowners will often be advised to lower their house price – in order to make a sale. This marks the perfect time for buyers to swoop in knowing they have the upper hand in negotiations and bag themselves a bargain.’
Gavin goes on to advise, ‘When selling in a falling market, the longer you sit on the market the less you’re likely to sell for. The best way for sellers to strengthen their position in a falling market is to price conservatively from the start.’
‘And choose a local, trusted estate agent who truly knows the market to position your home within it for a fast sale.’