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 August 2014.
Kate Faulkner’s Market Commentary:
“The excitement pushed by the media on property price growth just shows how much consumers are being influenced by figures which, in reality, are good news, but not as good news as people may think.
“For those in London, the huge growth since the downturn of 33% and the year on year growth of 21.6% is scary for buyers, but good news for sellers. However, at the other end of the scale, towns such as Liverpool which have an increase of 5.3% is not as exciting when you consider prices dropped by nearly 30% from 2007 to 2009. Although a 5% rise is good news, the fact that ‘on average’ prices are still 25% down suggests it will take 5 if not 10 years for property prices to recover in some areas to their previous heights. And of course, this doesn’t take into account the impact of inflation. In real terms, it may take many, many years for the likes of Manchester, Leeds and Bradford to see a recovery in property prices.
“With the adjustment in pensions, this means for those considering taking money out to invest in property need to be cautious. The success of the property market in the past doesn’t seem to have been seen since 2004. The market is changing and the more properties which are built and restrictions put on mortgage lending, the chance of the property market performing at the same levels as the past are highly unlikely.”
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