The latest UK House Price Index from HM Land Registry reveals a fragmented property landscape, with regional disparities sharpening and localised demand reshaping the map of capital appreciation.
Following the expiry of temporary stamp duty relief at the end of March, house prices dropped sharply in April, falling by 3.7% month-on-month. Now, further analysis by eXp UK shows residential prices across England are down by 0.9% overall since the start of the year.
Several regions have borne the brunt of the correction. The North West (-1.9%), North East (-1.6%), West Midlands (-1.3%), and South West (-1.2%) have led the national decline. Even traditionally resilient markets have not been spared—every region bar London has seen an average price drop year to date.
However, London’s headline stability masks turbulence beneath the surface. Some of the capital’s most exclusive postcodes have witnessed severe price corrections. Camden (-8.6%), Hammersmith and Fulham (-7.8%), and the City of Westminster (-5.7%) rank among the worst-hit areas nationally. Other major fallers include Tower Hamlets (-4.8%), Barking and Dagenham (-4.7%), and Adur (-4.5%).
These declines reflect a significant cooling at the top end of the market, where higher mortgage costs and increased taxes are having a disproportionate impact on discretionary buyers and overseas investors.
In contrast, a handful of local markets are bucking the national trend and enjoying significant price growth. Salford leads the way with a 7.6% increase in property values since January, driven by ongoing regeneration and strong buyer demand for affordable urban living in the Greater Manchester region.
Middlesbrough and Uttlesford (both up 7.5%) also show robust growth, alongside North Kesteven (6.8%), Basingstoke and Deane (6.7%), and Tandridge (6.6%). East Staffordshire (6.4%), Ribble Valley (6.2%), and Kingston upon Thames (5.7%) round out the top-performing locations.
eXp UK attributes these growth pockets to a combination of affordability, local regeneration efforts, improved transport connectivity, and a resurgence in demand for urban living following years of pandemic-driven rural relocations.
“This year’s market data paints a tale of two Englands,” said Adam Day, head of eXp UK. “While higher-value markets are adjusting to economic pressures, many affordable or up-and-coming areas are seeing prices hold firm—or even climb—thanks to localised demand and strategic regeneration.”
With economic uncertainty persisting and further government housing policy changes expected in the Autumn Budget, experts warn that volatility may continue into 2026. Buyers and sellers are advised to focus on local fundamentals over national averages.
As the year progresses, the housing market continues to defy blanket assumptions. Location, regeneration, and relative affordability are defining the winners—while once-reliable prime postcodes are struggling to maintain momentum.
