Zoopla: 35% of UK homes in postcode areas with falling prices, 85% in London and South East

Centre · 1Zoopla estimates that 35% of UK homes are in postcode areas where property values fell over the past year, up from 12% a year earlier. 1 Mixed · 2The falls are concentrated in London and the South East, where Zoopla estimates 85% of homes are in postcode areas with price falls. 1 2 Centre · 1Despite this, the UK average house price is 0.8% higher than a year earlier, at £273,100, in Zoopla's index covering the period to the end of September 2026. 1

Centre · 1Prices are still rising by more than 3% a year in parts of the North West and Scotland, and by more than 4% in postcode areas in Liverpool, Carlisle and Kilmarnock. Zoopla's September figures include the South East at £382,600 (-0.6%), Eastern England £337,300 (-0.5%), the South West £309,600 (-0.4%), Yorkshire and the Humber £196,600 (+1.3%) and Northern Ireland £200,800 (+5.8%). 1 Right · 1City A.M. reports Zoopla's figures that the average London home is worth £5,400 less than a year ago, while prices in the North West are £6,600 higher. 2 Mixed · 2Zoopla attributes the weakness to higher mortgage rates, which have made buyers more selective, and to 7% more homes for sale than a year ago, which gives buyers room to negotiate and pushes sellers to price competitively. City A.M. links the rise in mortgage rates to the Iran war, which it says began in February. 1 2

Centre · 1Richard Donnell, executive director at Zoopla, said demand remains and well-priced, well-presented homes are selling as quickly as last year, and advised sellers to get the asking price right from the start. 1 Centre · 1Ahead of the Budget on Wednesday, Donnell said the biggest boost would be conditions for lower mortgage rates, with activity expected to strengthen once rates fall back below 5%, and that stamp duty changes could support buyers and sellers, particularly in southern England. 1 Right · 1City A.M. says the figures prompted calls for John Healey to cut stamp duty. It reports Zoopla's view that extending the 2% stamp duty band would save home movers up to £7,500 and similar action for first-time buyers up to £6,000, and that Berkeley, Bellway and Barratt Redrow want stamp duty abolished for first-time buyers. 2

Right · 1Tom Bill of Knight Frank told City A.M. that price growth has effectively ground to a halt this year, mortgage approvals have fallen, and downward pressure is expected to continue and may be aggravated by this week's Budget. 2 Mixed · 2Nathan Emerson, chief executive of Propertymark, said the market is becoming increasingly localised and that demand remains but buyers are focused on value; both outlets quote him. 1 2 Mixed · 2The Evening Standard adds that the Government has unveiled a Your First Home initiative offering first-time buyers a new build with a 2.5% deposit and a government loan of a further 20%, with details due in the Budget alongside more than £1 billion for social and affordable housing. City A.M. instead says Andy Burnham revived the Help to Buy equity-loan scheme last month, which housebuilders welcomed but experts fear is not enough. 1 2