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 June 2014.
Download the full report for August 2014
Price changes at town level vary from no growth to +16% year-on-year:-
Property prices in Liverpool and Bradford remain at -26% and -25% below market the height of 2007/8.
Manchester, Leeds, Nottingham, Sheffield, Birmingham and Peterborough prices are between -21% and -14% down on the previous high.
Peterborough and Sheffield have seen growth of +8% and +6.8% respectively, year on year.
Bournemouth and Cardiff are -8% and -7% down on 2007 heights respectively.
Bristol is now only -1% down on the market high and is still showing strong year on year growth of +9.5%.
Brighton and Hove now exceed the 2007/8 heights by +8%, with strong year on year growth of +10.2%.
London is +24% above the market high with year on year growth of +16.4%.
Prices in all towns (that we track) now exceed their market lows they fell to in 2009.
Download the full report for August 2014
Kate's market comments
So in areas where property prices are still down versus 2007/8, this, it should be remembered, is in nominal terms. Bearing in mind the English Housing Survey suggested 50% of homeowners now owned their property outright, many will have had not just 10-26% wiped off the value of their home, but on top of that, if they sold it today, the cost of living has increased by nearly 20% over the last six to seven years too, so the money they would get from the property would actually be nearly 30-50% lower than if they’d sold in 2007/8.
The good news is for most though, they will just stay where they are and in time, prices will recover, but even at rises of 5-6% a year, it’s clear this could take some time before the nearly 500,000 home owners in negative equity outside of London, find their property’s value recovers to previous heights.
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