Kate Faulkner's latest regional price analysis

publication date: Jun 22, 2015
 | 
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

Kate Faulkner's latest regional price analysis

 
What's happening in the UK regions?

From a property price perspective, prices vary enormously from one UK region to another, so to find out what's happening in your area read Kate's latest detailed price report:-


Download Kate's full report for the regional analysis

England - Regions
English Regional Averages from the Land Registry

  • London, the South East and the East remain the only regions to have exceeded their previous high of 2007/8.
  • The South West region is improving, with prices remaining -3% off their 2007/08 market high.
  • The East and West Midlands are slowly improving, however, remain down vs their market height by -8% and-11% respectively.
    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 -15% and -24% and may not recover for 10 years or more.

Scotland
Acadata's Scottish index suggests average house price growth is increasing twice as fast as England & Wales. Christine Campbell, regional managing director of Your Move, part of LSL Property Services, comments: -

“In what would have been an unimaginable trend just a year ago, house prices are now rising faster in Scotland than in London. In part this is due to a short-term scramble to avoid the new Land and Buildings Transaction Tax, or the LBTT, put in force by the Scottish government as of 1st April. For the top of the market especially, a pre-deadline rush has boosted the average price paid in March, so the latest surge in prices is unlikely to be sustained to quite the same extent in April under the new regime.

“Yet even before the one-off effect of looming tax changes, Scottish house prices were rising on an annual basis by 6% in February, already on a par with 6.8% south of the border. As prices cool across the rest of Britain, Scotland has seen the opposite trend, with prices accelerating upwards.

“Regional patterns illustrate this sprint finish for buyers of the most expensive properties. In Edinburgh, prices have jumped by an extraordinary £27,240 within a few weeks, going from £249,396 in February this year to stand at £276,636 in March. This 10.9% change in a single month takes Edinburgh property prices far beyond any previous record, while neighbouring East Lothian saw the biggest monthly price surge in percentage terms - up 11.8%.”

Download Kate's full report for the regional analysis

Northern Ireland
Although property prices in Northern Ireland are continuing to see some improvements, with a year on year increase for Q1 15 of 9.4%, it’s important to remember prices are still only really ‘recovering’ from huge falls during the credit crunch and remain -41% below the height of the market in 2007/08, with Belfast remaining -42% below the market high.


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.”


Download Kate's full report for the regional analysis


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