More than half of homes in these UK commuter towns have gone down in value

more than half of homes in these uk commuter towns have gone down in value

It’s a buyer’s market in Dover (Picture: Getty)

More than 44% of UK homeowners saw their property drop in value over the last year, with plummeting house prices affecting some regions more than others.

Across the country, 13% of homes lost more than 5% of their value, while a further 31% of homes lost between 1% and 5% of their value, equating to an average loss of £7,800.

But in Dover and Hastings, things are looking even more bleak for home owners. More than half of homes (52.4% and 50.7% respectively) fell by 5% in the commuter towns, according to new data from Zoopla.

Bad news if you’re trying to sell up, but very good news indeed if you’re looking to buy there.

The South East of England saw the biggest declines overall, with six of the top 10 local authorities experiencing price decreases.

In this part of the country around five million homeowners lost an average of £13,200 each during the course of the year – not exactly small money.

According to the property website, rural and coastal areas of Kent and East Sussex within commuting distance of larger cities had an influx of buyers during the pandemic. This initially boosted house prices, but now demand is starting to wane, value is plunging too.

more than half of homes in these uk commuter towns have gone down in value

The South East saw the biggest drops (Picture: Getty/Metro.co.uk)

Trains from Dover – a quaint port town on the Kent coast – to London are regular and journey times to St Pancras can be as low as 55 minutes. This accessibility makes it a natural choice for city workers looking to get a taste of sea air.

The average home here now costs £252,607, more than £500,000 less than in the capital, but you may want to hold off buying if you want to bag a bargain as Zoopla predicts further price drops in 2024.

Hastings is a little further, with direct trains to London Bridge taking around 90 minutes. It is a little more expensive too, with the average house price coming in at £313,206 according to Rightmove. With all the trappings of a seaside town, though, from pretty period homes to an award-winning pier, it could be worth investing.

more than half of homes in these uk commuter towns have gone down in value

Rural towns in easy reach of London like Hastings saw big influxes during the pandemic, but demand is now lower (Picture : Getty Images/iStockphoto)

On the contrary, regions where houses are typically cheaper either held their value or increased. In the North West, for example, the average home experienced a £13,200 boost, followed by Scotland where 16% of homes went up by at least 5%.

Izabella Lubowiecka, senior property researcher at Zoopla commented: ‘There is a clear north-south divide in the fortunes of homeowners during 2023.

‘Areas with lower house prices were cushioned from the impact of higher mortgage rates, helping to support activity and sustain house prices in these regions.

‘So in the more affordable parts of the country, such as the north, home values increased.’

What you need to know before moving here

If you’re looking to nab a bargain and buy in Dover or Hastings, here’s what you need to know.

Living in Dover

  • Population: 116,400
  • Vibe: An up-and-coming spot for families surrounded by natural beauty
  • Commute time into London by train: from 55 minutes
  • Commute time into London by car: Under two hours
  • Average house price: £252,607
  • What to do here: The iconic white cliffs of Dover are perfect for walkers, as are the nearby Kent Downs. The sea sports centre offers powerboating, paddleboarding and sailing for adventurous types, while culture buffs can enjoy historic sites like the South Foreland Lighthouse, a heritage railway and a transport museum. In terms of food and drink, the area is famed for its fish and chips, but there are a wealth of pubs and restaurants to sample, including Marco Pierre White’s Mr White’s English Chophouse on the seafront.

Living in Hastings

  • Population: 91,100
  • Vibe: A slower-paced – and cheaper – alternative to Brighton
  • Commute time into London by train: from 90 minutes
  • Commute time into London by car: Around two hours
  • Average house price: £313,206
  • What to do here: The site of the famous Battle of Hastings at Battle Abbey is just one of the many medieval and Georgian historical attractions here. The Old Town’s narrow passageways (known as ‘twittens’) are filled with antique shops and quirky pubs to explore, and the beloved pier hosts vintage fairs, family events and live music too. Like Dover, this seaside town specialises in fish and chips, although cool spots like Heist Market offer small plates and natural wine if that’s more your style.

Throughout Britain, value decreases were most common among detached houses, although apartments in the South East bore the brunt.

Larger flats fared better than smaller ones overall, with 52% of three-beds holding or increasing in value compared to 46% of one-beds.

Looking ahead to this year, Izabella said she expects modest house price falls of 2%, but added: ‘How this is going to impact your home value depends on where you are in the country and what property type you own. But we expect those who saw home value growth in 2023 to see similar increases in 2024.’

She recommends sellers set realistic prices to avoid languishing on the market, and speaking to a local agent to get a feel of whether it’s a good time to list.

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