What’s happening in your town in December 2013?
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 during December 2013.
What do price falls and rises mean for buyers and sellers?
Liverpool and Bradford property prices are still nearly 30% below market heights reached six years ago. Consider inflation of 3% per year and in real terms, a £100,000 property bought with cash in 2007/8 would need to be worth £113,000, whereas it would be worth £70,000 so a real loss of £43,000.
| Download Kate Faulkner's full report here |
Peterborough and Nottingham property prices are now about level with ‘the bottom’ of the market seen in 2009, but prices are still 20% below previous heights. Year on year though prices seem to be stabilising so this may be a good time to look at buying. Sheffield, Manchester and Birmingham are still below their previous height but prices are moving forward with growth rates picking up of 3 to 7%.
Areas that appear to be recovering back to 2007 heights and showing good year on year growth include Bournemouth, Cardiff and Bristol, each area only a year’s growth against returning to 2007/8 heights.
Brighton and Hove has already surpassed 2007/8 heights. With year on year growth of 5.5% and the potential to reach 12% year on year annual average increases, this is definitely an area to consider both selling and buying in, as is London which is showing signs of returning to a normal market and nearly recovering any inflationary losses.
| Download Kate Faulkner's full report here |
In Scotland, Edinburgh continues to show good signs of growth at 16% up versus the highs of 2007. Glasgow is also now 2% above the high of 2007.
The property market in Belfast continues to struggle, with prices yet to reach the bottom of the market.
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