Leeds homes lose nearly £1K in value amid UK-wide property price slump

UK property values suffered a sharp month-on-month fall of nearly 3% - worth around £1,000 - in this week's House Price Index, the first time this year that prices have fallen.

Homes in the West Yorkshire city saw a month-on-month decline of £986 from March to April, pricing the average property at £246,563.

The fall was mirrored across the West Yorkshire region where house prices lost an average of £415, reducing county-wide average prices to £207,407 - considerably less than the UK average.

The average UK home is now worth £265,000 - while the average London property is priced at £566,614.

The data, analysed by the UK’s biggest online estate agents Purplebricks, shows that while London values soared from March to April 2025, the UK saw an average slump of 2.7%.

The monthly price fall followed changes to stamp duty that came into force from April 1, and which piled more costs onto buyers, particularly at the upper end of the market.

Despite the tough month for many homes in the UK, it has remained a stellar year for property with the average price of a home sitting at £265,000 - a £9,000 rise year-on-year.

April marks the fourth consecutive month of annual price rises for UK properties. Since April 2024, homes have increased by 3.5% over the last calendar year

House prices in England saw an annual price rise of 3%, making the average property worth £286,000 while Wales had a 5.3% increase and homes stood at £210,000 on average.

North of the border in Scotland there was a 5.8% increase, prices moving to £191,000 on the average home.

The HPI report also revealed there were fewer UK homes put up for sale in February this year, with nearly 7,000 fewer sold in February 2025 compared to the same time last year.

Tom Evans, sales director at Purplebricks Estate Agency said: “This small monthly decline is little more than a bump in the road - a stumble after April’s stamp duty changes.

“One of the best investments you can make is in bricks and mortar, and most buyers are looking at the long-term when they sign on the dotted line.

“2025 has so far been a great year for the market with continued price rises, which I predict will be back before long.”

Robert Nichols, managing director of Purplebricks Mortgages said: “With 0% deposits, the lowest mortgage rates in two years, the UK is a buyers’ market right now.

“And, rising wages means there are more first-time buyers encouraged to put that all-important first foot on the property ladder.

“Movement at the bottom of the ladder will pay dividends in the long-run, promoting sales further and further up the chain - ultimately nudging prices up over time.”

​