Sussex town named in the top 20 places in the UK where house prices have fallen

Researchers at conveyancing solicitors, Bird & Co, have explored recently released Land Registry data to present a detailed overview of the housing market trends throughout 2023.

The analysis shows Hastings is one of the top areas in the UK for largest house price decrease in 2023, alongside areas like Reading and Forest of Dean.

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.

Figures showed that house prices in Hastings fell month on month throughout 2023, despite the town being named as one of the UK’s top retirement spots and a popular place for people to re-locate from London.

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%.

In comparison, areas like South Hams and Winchester at the top of the list, with some of the biggest house price increases over the year.

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Daniel Chard, Partner at Bird & Co, says, “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."