The problem with looking at ‘averages’ at a high level is that property prices are so diverse from one street to the next, they are unlikely to make any sense to people locally. As such we look at data by town and city to gauge what variations there are across the country.
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Year on year prices changes at town and city level vary from -1.1% to 14%
Nine out of 22 of the towns/cities we monitor still have ‘average’ property prices below £125,000.
Property prices in both Liverpool and Bradford remain at -25% below market the height of 2007/8.
Manchester prices are -19% down on the previous market high.
Leeds, Newcastle upon Tyne and Nottingham prices are all -16% below the 2007/08 market high.
Birmingham, Peterborough and Sheffield are down by -13% and -12% on the 2007/08 height, with Leicester prices down -9% on the market high.
Southampton, Bournemouth and Cardiff are down between -5% and -3% on the market high of 2007/08, with Cardiff experiencing good YoY growth of 5.5%.
Portsmouth and Norfolk are only -2% below on the previous high, with Portsmouth achieving strong annual growth of 7.8%.
Milton Keynes, Cambridgeshire and Bristol prices exceed the 2007/8 high by between 5% and 8%, with Bristol showing strong YoY growth of 9.2%.
Reading stands at 12% above the market height, and achieving the strongest year on year regional growth of 14%, even outperforming London.
Prices in Oxfordshire and Brighton and Hove are now 14% and 20% above the height of the market, respectively, with Brighton and Hove experiencing strong growth of 11.1% YoY.
London prices continue to steady, but remain 37% above the market high, with YoY growth of 9.2%.
Prices in all towns remain above their market lows.
Download the full report for August 2015
Kate’s commentary:
“This viscous circle of people not selling because there is little choice of something to buy is dangerous for the market moving forward. The need for mobility in the property market continues to be important to allow people to trade up and down, but with people now staying in their homes for 20 years or more, on average, it is difficult to see how without much more new build the market can return to pre-credit crunch levels. The one change which may help to bring more properties to the market may be that Buy to Let investors will start to sell up having invested for 15-20 years, or they may look to disinvest due to the future loss of mortgage tax relief hampering cash flow and reducing profits.”
Download the full report for August 2015
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