House prices in East Anglia plummeted at the highest rate of any region in the country in 2023, with flats and terraced homes faring the worst.
The region saw prices fall by 5.2pc over the year - compared with the UK average of 1.8pc, according to the latest figures from Nationwide.
That puts the average house price in East Anglia at £270,903.
The Southeast region recorded the next highest drop, with prices falling 5.4pc from 2022.
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And while prices for semi-detached properties held up best, those looking to sell flats and terraced houses saw the toughest reductions.
Despite rapidly declining prices, Robert Gardner, Nationwide's chief economist said it was still a challenging market, especially for first-time buyers.
He said: "Even though house prices are modestly lower and incomes have been rising strongly, this hasn’t been enough to offset the impact of higher mortgage rates, which in recent months were still more than three times the record lows prevailing in 2021 in the wake of the pandemic.
“As a result, housing affordability has remained stretched."
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