House Prices in Hastings Dropped by Over 8% in 2023
The 2023 house price figures across the entire UK are finally in, unveiling the most dynamic property market shifts, by location, over the last year.
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Researchers at Bird & Co have explored this recently released data to present a detailed overview of the housing market trends throughout 2023. The study not only highlights areas with significant house price changes but also delves into broader economic impacts for homeowners and potential buyers.
The analysis of Land Registry data from January to December 2023 shows Hastings had one of the highest percentage house price decreases in the UK, just under Tunbridge Wells.
The 15 locations that saw the biggest fall in house prices were:
Situated in East Sussex, Hastings saw the 15th largest decrease in house prices throughout the whole of the UK, with the average house price decreasing by 8.38%. Hastings properties have decreased significantly, especially in comparison to similar coastal areas such as Worthing, which saw an increase of 3.52% in average property prices from January to December.
More specifically, a detached home in Hastings saw a significant drop from £559,843 in January 23 to £518,631 in December 23. A semi-detached decreased by 6.72%, a terrace house decreased by 8.57%, and the average price of a flat decreased by 9.59%.
Across the whole year, average house prices in Hastings fluctuated throughout the year, with the lowest drop being in April at -2.61%. The average house prices, as well as the percentage increase for Hastings, month to month were as follows:
In contrast to areas listed in the bottom 15, house prices soared the most in areas such as South Hams, West Lancashire and Winchester.
Daniel Chard, Partner at Bird & Co, said: “Interestingly, the areas that show the largest increase in house prices vary between England, Wales, and Scotland, showing a range of factors are at play; not just location. The figures suggest that there has been an increase in demand for houses in these areas, representing economic stability and growth, potentially low unemployment rates, and affordable housing.
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“For aspiring homeowners, the housing market's status dictates affordability and accessibility. Rising prices pose challenges, demanding higher down payments and limiting options. On the other hand, stability or decreases create a more favourable environment for those entering the market.
“Sudden changes trigger cascading effects, shaping lending practices, construction trends, and consumer confidence. Staying informed is crucial for informed decisions in the dynamic housing market."
If you are looking to buy a property in Hastings in 2024 and require a solicitor to get you started, Bird & Co can help. If you are planning to purchase, sell or remortgage your home, then get in touch with Bird & Co’s Hastings conveyancing solicitors by emailing enquiries@birdandco.co.uk.
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