More than half of homes in Blackpool have decreased in value in the six months to May 2023
House prices in Blackpool have seen some of the UK's biggest drops while Carlisle is one of the areas where values have increased in the last six months.
In Blackpool 58 per cent of homes decreased in value in the six months to May. In Carlisle 52 per cent have increased in value according to the latest statistics.On average, homeowners whose home has increased in value over the year to May have seen a rise of £7,000, or £19 per day. But homeowners whose property has fallen in value over this period have seen an average fall of £7,700, or around £21 per day.
Richard Donnell, executive director at Zoopla, said: “With a value of £10.7 trillion, the housing market is a huge part of the nation’s wealth. Everyone’s home has its own value and trajectory of how that value is changing over time.” According to Moneyfactscompare.co.uk, the average five-year fixed-rate homeowner mortgage on offer on Wednesday had a rate of 6.02% and the average two-year fixed-rate was 6.51%. Average fixed mortgage rates have recently jumped back above 6% after previously hitting that mark last autumn, amid the market volatility that followed the mini-budget.
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