In a housing downturn, not all cities and towns are equal. New research1 has highlighted which areas of the UK are the most resilient in the face of falling prices.
On the slide
In January, overall property prices fell for a fifth consecutive month, as the market continued to cool. Sliding prices have been brought about by soaring inflation and mortgage costs, as well as cost-of-living pressures placed on households.
The safest bets
Which areas are standing firm? The most ‘recession-proof’ area, according to the study, is the London Borough of Kensington and Chelsea, closely followed by Westminster and Camden. Swansea in Wales and Oxford in England both also deserve a mention.
In total, Scotland has so far suffered a less abrupt slowdown in house prices than elsewhere in the UK, according to Nationwide.
Here to help
The ranking of the 96 most-populated local authority areas was based on factors such as mortgage debt, the proportion of first-time buyers and price changes in the past year.
In an uneven market, we are here to help guide you through everything you need to know.
1Garrington Property Finders, 2023
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.