Research by Zoopla.co.uk has revealed that there has been a drop in the average value of UK residential property over the past twelve months.
A 3.2% plunge from last year has seen the average price fall to £219,243. Northampton came out worst, while London and the South East were the only regions where prices rose over the past year. Prices in Scotland remained almost unchanged, with only a 0.05% fall, whereas prices in England have gone down 3.4% from last October, and average fall of £8,320 to £226,788.
London and Aberdeen are the only cities in Britain to see property prices this year, at 1.1% and 0.3% respectively. By contrast, Northampton has weathered a 6% drop.
With increasing difficulty in first-time buyers securing a deposit and mortgage, many predict that these figures are unlikely to improve in the near future.