Brighton has been revealed to be one of the worst spots in the UK for property value decline in 2023.

Research from the property website Zoopla says 63% of Brighton's houses have decreased in value in the six months to May 2023.

Zoopla said the highest concentrations of homes falling in value over the six months to May tended to be in coastal locations across southern England.

These locations experienced a rush of buyers during the “race for space” seen during the Covid pandemic, which previously pushed house prices higher as people made lifestyle changes and worked from home more often.

The Argus: Brighton saw more than 60% of its homes lose value in the six months to May 2023, according to Zoopla's researchBrighton saw more than 60% of its homes lose value in the six months to May 2023, according to Zoopla's research (Image: Joe Sene/PA Wire)

Top 10 UK spots for housing value decreasing

Here are the top locations with the highest concentrations of housing value decreases in the six months to May 2023, according to Zoopla, with the estimated proportions of homes with a value decrease during the period:

1. West Central London, London, 68%

2. Colchester, East of England, 67%

3. Canterbury, South East, 66%

4. Kilmarnock, Scotland, 65%

5. Norwich, East of England, 64%

6. Brighton, South East, 63%

7. Southend-on-Sea, East of England, 62%

=8. Torquay, South West, 59%

=8. Truro, South West, 59%

10. Blackpool, North West, 58%

Meanwhile, the highest proportion of homes going up in value were concentrated in northern England and the Midlands.

Halifax topped that list with approximately 67% of its homes going up in value.

The analysis is based on Zoopla’s valuation estimate for homes across the UK. It has a “my home” tool on its website which offers people an estimate of the value of their property.

Richard Donnell, executive director at Zoopla, said: “With a value of £10.7 trillion, the housing market is a huge part of the nation’s wealth.

“Everyone’s home has its own value and trajectory of how that value is changing over time.”

He added: “The value a homeowner can get for their home unlocks the options for their next move or impacts how good a rate they might get when they remortgage.”