What’s happening in your town?

publication date: Feb 21, 2013
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

What’s happening in your town?

Winners and Losers - Local House Prices

Even at City and town levels, your property price or the value of the property you want to buy or sell can be going up when the regional data says, on average, prices are going down. So as well as tracking the regional data, we also track the latest property prices movements for major towns and cities in the UK in December.

Top UK City House Prices

Areas where property prices have double dipped below 2009 levels
Northern Ireland’s Belfast figures remain pretty awful at just under a 42% fall since the 2007 peaks, and although Q1 and Q2 of this year may have been the turning point, in Q3 the average Belfast house price dropped back again returning it to the red zone, with the Q4 average sliding back a bit more.

As the information from the various indices shows (see chart above), seven cities are struggling and have fallen into double dip from a property price perspective. These include Liverpool, Bradford, Manchester, Leeds, Peterborough, Birmingham and Sheffield. Bradford, Leeds and Liverpool still have a way to go to reach the lows of 2009, however Manchester, Peterborough, Birmingham and Sheffield are somewhat closer to reaching the 2009 prices.

Areas where property prices are matching 2009 lows
Nottingham is hovering just above the lows of 2009 with an average price of just above £84,500 in December versus £83,700.

Areas where property prices are above 2009 lows, but haven’t recovered to 2007 heights
Average property prices in Bournemouth, Cardiff and Bristol have all now exceeded the lows of 2009, but are yet to reach the 2007 price heights, ranging from -12.3% (Bournemouth) to -10.1% (Bristol) down on 2007.

Areas where property prices have recovered or overtaken 2007 heights
Brighton and Hove is nearly catching up with 2007 levels, being just 1% off the height of £232,000 versus £229,000 and is likely to overtake previous heights this year. Glasgow is in a similar position according to the Ros.gov index, being just 0.27% above the 2007 price height of just above £130,600.

Areas which are doing well according to the Land Registry include London where prices are £370,000 versus 2007 peaks of just over £350,000. This 5% rise though isn’t enough for property prices to have risen in line with inflation.

The star performer so far seems to be Edinburgh, which according to the Ros.gov indices, is currently 17.2% above the 2007 average price height of £185,000 and has performed very well throughout the whole of 2012.

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For further in depth analysis by Kate Faulkner, also read:-

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