What’s happening to property prices regionally?

publication date: Dec 29, 2012
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

What’s happening to property prices regionally?

Although property prices nationally are pretty flat, this means very little to people who are actually in the process of or thinking about buying or selling property. 

Dr Peter Williams, Chairman of Acadametrics comments “this price stability on a national basis does however mask the movement in prices at regional and more local level” and we agree whole heartedly! From buyers’ and sellers’ perspective, national property price analysis and statistics are now useless and certainly can’t be relied on when it comes to making essential property decisions. 

Below we have highlighted the major regional differences and also an analysis of what’s happening in major towns and cities across the UK. 

The areas highlighted in red have, like our economy, gone into ‘double dip’ ie prices are currently heading downwards and are now lower than they were even in 2009. In addition, areas such as Wales, East Midlands and the West Midlands are not far off hitting the 2009 lows and possibly falling below.

Areas which are doing well in comparison include Scotland and London which although prices aren’t keeping up with inflation, they are at least in nominal terms (ie cash growth) pretty much back to where they were at the 2007 peak. According to the Acadametrics/LSL Scottish index for September however, average prices in Scotland had their largest decline since November 2009, with Gordon Fowlis, Regional Managing Director of YourMove commenting “House prices lost some of their altitude in September as fewer buyers competed for homes, reduced competition sent prices gliding down. It’s clear that the housing market is still facing severe structural changes, while the affordability of house prices has improved, the limited availability of mortgage financed is still a significant drag on activity, and the number of new buyers entering the market is still historically low”.

National Picture vs Regionally 

What’s happening in your town? 

Even at a town level, your property price or the value of the property you want to buy can be going up when the regional data says, on average, prices are going down, so we also tracked the latest property prices for major cities in and around the UK in October.    

As the information shows (see chart below), six cities are struggling and have fallen into double dip from a property price perspective. These include Bradford, Liverpool, Manchester, Peterborough and Leeds. Nottingham, Birmingham and Sheffield prices though are not far behind their 2009 lows. The Scottish cities of Edinburgh and Glasgow continue to do well as does London. Cardiff and Bournemouth remain around 11% behind, whilst Bristol is just 9.6% behind. Brighton and Hove continue to recover well in comparison to most towns and cities and are just 1.3% off the high of 2007. From Northern Ireland’s perspective, Belfast’s 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 Belfast average house prices dropped back again in this quarter putting back in the red zone.

Top UK Cities

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