The areas where property values have fallen over the past year

• More than a third of UK homes are in postcode areas where property values have fallen over the past year, up from 12 per cent a year ago.
• Price falls are heavily concentrated in London and the South East, where 85 per cent of homes are located in areas experiencing value declines.
• Despite regional drops, the average UK house price rose by 0.8 per cent annually to £273,100, driven by growth in the North West, Scotland and Northern Ireland.
• Higher mortgage rates and a 7 per cent increase in available properties have boosted negotiating power for buyers, forcing sellers to price competitively.
• The upcoming Budget will detail the government's new Your First Home initiative to assist first-time buyers alongside more than £1 billion for social housing.

IN FULL

35% of UK homes are in postcodes where house prices are falling