Areas of Birmingham, Manchester, London, Leeds and Sheffield had the largest house price falls in last year
City centre flats in Birmingham and Manchester have topped the list of the largest house price falls in the UK in the past year.
The price of properties in Birmingham Canal and Deansgate, Manchester have fallen more than 17% in the past year. The average value of a property in Birmingham Canal, an area whose residential units are mainly apartments, is now just £153,500.
Research conducted by property website mouseprice.com also found that properties in central London, Leeds and Sheffield had seen a collapse in prices in the past year.
This will be yet more disappointing news for buy-to-let developers such as Urban Splash, which built the Box Works development in Deansgate and the Rotunda in the centre of Birmingham.
The top five areas with the biggest house price falls are:
- Birmingham Canal, with a fall of 17.3%
- Deansgate, Manchester with a fall of 17.1%
- Erebus Drive, London with a fall of 16.9%
- Elmwood Lane, Leeds with a fall of 16.3%
- Millsands, Sheffield, with a fall of 15.1%