How have property values performed in your area?
Research by Yopa, the award-winning national estate agency, has revealed that while the vast majority of the UK property market has seen house prices surge since the last market downturn, there are as many as 49 local areas that are yet to recover when it comes to inflation-adjusted house price growth.
Yopa analysed the latest figures from the government’s UK House Price Index, looking at how each area of the UK property market has performed since the end of the last market downturn (June 2009 to August 2023 – latest available data).
The research shows that: –
- There has been some staggering house price gains since 2009, with prices increasing by 20.2% even after adjusting for inflation to generally wipe out any reductions experienced between 2007 and 2009.
- The London market has flourished the most since 2009, with inflation-adjusted property price growth across the region sitting at 39.2% over the last 14 years to reach an average average of £535,597.
- Both the East of England (+33%) and South East (+30.1%) have also seen inflation-adjusted house price growth in excess of 30% since the end of the last market downturn.
- Since the global financial crisis seven of the top 10 highest growth areas were in the capital, led by Waltham Forest in North London, where house prices now stand at £501,67, after rising by 68.4% over the 14-year timespan.
- After that comes the prime City of London, with an increase of 68.1% and Hackney, at 65.6%.
- Outside London the biggest growth areas post-financial crisis are the City of Bristol, where house prices have risen by 48.7% after adjusting for inflation.
- Other hotspots are Medway in Kent, with an increase of 47.8% and East Cambridgeshire, where prices increased by 47.4%.
- However, while the majority of local areas have enjoyed an uplift in property values since the end of the 2007 market crash, there are as many as 49 pockets of the UK market that have seen a reduction in values after adjusting for inflation.
- At regional level Northern Ireland (-19%), the North East (-9.8%) and Scotland (-3.1%) have all seen a decline.
- Looking in more detail, the city of Aberdeen, known to have struggled due to its reliance on the turbulent oil and gas industries, has seen the market continue to slump by -40%
- Ards and North Down (-23.1%) and Belfast (-22.6%) also rank within the top three worst performing UK property markets.
