How are prices performing in UK towns and cites?

publication date: Jun 23, 2015
 | 
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

How are prices performing in UK towns and cites?

 

Whether you are buying your first home or a seasoned buy to let investor, researching what's happening to prices in your town or city before you commit to a purchase, is essential. Read Kate Faulkner's latest detailed towns and cities price report.

Download Kate's latest report on prices in UK towns and cities

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.


Year on year prices changes at town and city level vary from -1.8% to 13.3%

  • Nine out of 22 of the towns we monitor still have ‘average’ property prices below £125,000.
  • Property prices in Liverpool and Bradford remain at -27% and -26% below market the height of 2007/8.
  • Manchester, Leeds and Newcastle upon Tyne prices are between -18% and -16% down on the previous market high.
  • Birmingham, Peterborough and Nottingham prices are all down by -13% on the 2007/08 height, with Sheffield and Leicester prices down -11% on the market high. Peterborough has experienced good year on year growth of 6.5%.
  • Southampton and Bournemouth are down -5% on the market high of 2007/08, with Cardiff -4% down on the market height and Portsmouth and
  • Norfolk are now down by only -2% on the previous high.
  • Milton Keynes, Cambridgeshire and Bristol prices exceed the 2007/8 high by between 5% and 7%, with Milton Keynes achieving strong YoY growth of 11.5%.
  • Reading is now 10% above the market height, and experienced the strongest regional growth of 13.3%, year on year, even outpacing London.
  • Prices in Oxfordshire and Brighton and Hove are now 13% and 17% above the height of the market, respectively, with strong growth of 10.6% YoY from Brighton and Hove.
  • London prices have steadied recently, but remain 35% above the market high, with YoY growth of 10.9%.
  • Prices in all towns remain above their market lows.

Download Kate's latest price report including towns and cities' chart

Kate Faulkner’s Market Commentary:
“The data shows that in reality most regions are still seeing property prices below 2007 levels, even though growth is up year on year. What is noticeable is that in the regions still below the peak house price days, property price growth has ‘stuck’ at 2-5% for a year or more now. In London and areas in the South, we saw prices stabilise after the crash, then start to grow up to 5% year on year, and then rise for a good year or more at 15-20%. This pattern seems to be normal from the past - London and the South grow and then the rest of the country ‘catches up’. However, for whatever reason, quite possible down to negative (and often inaccurate) reports about how much it costs to buy a home coupled with an ageing population that is staying put for an average of 18-19 years, it appears this price growth hasn’t yet and may not hit the regions. If this is the case, there are some areas, like Liverpool whose property prices could stay in the doldrums for some years to come.” 


For FREE, independent and up to date advice on Buying, Selling, Buy to Let or Renting a Property, sign up for FREE to Propertychecklists. Join now to access our FREE property checklists, including:-


All our information is brought to you by Kate Faulkner, author of
Which? Property books and one of the UK's top property experts.
This website is Copyright © Designs on Property Ltd and
Propertychecklists.co.uk protected under UK and international law.