What's happening to property prices in the different UK regions this month?
It's important to know what's going on in the different area of the UK as prices vary from region to region. Clearly houses will cost more in the South East of England than the North of Scotland.
Download my full report for April 2015
Scotland
Acadata’s Scottish index suggests average house price growth continues to slow, but with a good level of demand. Christine Campbell, regional managing director of Your Move, part of LSL Property Services, comments: -
“As of January 2015, the average home in Scotland is now worth £1,238 more than at the peak of the housing boom in May 2008, following hardy annual growth of 4.5% and an energetic boost on a monthly basis at the start of 2015. Property values jumped 1% in January, the most significant monthly upswing we’ve witnessed for seven months, taking the typical house price to a new record high of £166,771. The city of Dundee had the most energetic start to the year, with prices soaring 6.7% (equal to £8,161) during January 2015, in the largest month-on-month increase in Scotland.
“Prices are certainly making sweeping progress across the board, but there are some particularly strong players. In January, Fife and West Lothian joined the ranks of Aberdeenshire and the Shetland Islands and set a new peak house price, following strong annual growth of 9.5% and 10.9% respectively. However, North Ayrshire has experienced the biggest rise in house prices on the mainland over the last year, up 11.6% – with the typical price of a detached home growing from £180,000 to £210,000 in the past twelve months.
“Although a minority, average prices have fallen in 7 local authorities of Scotland during the past year. West Dunbartonshire has seen the steepest drop in values in the last twelve months, with prices falling 7.2% on average, and flats in the area are now worth £20,000 less than a year ago”
Download my full report for April 2015
Northern Ireland
Property prices in Northern Ireland are continuing to see some real improvements, with year on year increases of 14.5%, however, it is important to remember prices that property prices are only really ‘recovering’ from huge falls during the credit crunch and remain -39% below the height of the market in 2007/08.
Download my full report for April 2015
England
London, the South East and the East are the only regions to have exceeded their previous high of 2007/8.
The South West region is improving, but prices remain -5% off their 2007/08 market high.
The East and West Midlands are improving slowly, but remain down vs their market height by -9% and-10%.
The North East, North West and Yorkshire and Humber property prices have some way to go to reach the 2007/08 market high, remaining down between -17% and -21% and may not recover for 10 years or more.
Kate Faulkner’s Market Commentary:
“Looking at property price rises from the last recession and the recent credit crunch, it appears following a crash, prices stabilise for a year or so and then as the economy recovers and confidence comes back, property prices tend to rise by 5%, then 10% and in some cases as high as 15-20%, year on year. This rapid growth does only appear to last for a year or two, then as prices increase, making affordability tough, the increases tend to drop back again. Kensington and Chelsea for example, increased by up to 30% year on year at one point, whereas now the increase of 7% year on year is actually lower than the long term average year on year growth.
“What is apparent so far, is the big increases we saw in half of the London Boroughs normally ripples out to the regions, and although it has benefited some, not all are seeing the strength of growth seen in the past, suggesting property prices may not grow as much as they have in the past.”
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