House prices: UK area with BEST recovery from financial crash revealed – is it your town?

As June swings around, it’s soon to be a decade on from the end of the financial crisis of 2007 2007 and 2009. And, while Brexit uncertainty may occupy much of the population’s minds at the moment, it’s time to take a look at if and where the market has made a recovery. According to data sourced from the Land Registry House Price Index, leading fast sale agent, Springbok Properties has said that UK house prices crashed by a negative 16 per cent from September 2007 to June 2009. It was in Northern Ireland where the market took the greatest decline – with the figure standing at an average drop of 37 per cent.

Meanwhile, the decline of house prices stood at 15.5 and 15.6 per cent in England and Wales respectively.

In Scotland, property values fell by a notable 7.2 per cent.

It was Mid Ulster which was the worst-hit area – with a drop of 41.8 per cent.

Elsewhere in Northern Ireland saw huge declines in house prices too, with the country being home to the top 11 worst-hit areas on the matter.

It seems, 10 years on, that it’s here that the property market has failed to recover, with the data revealing that house prices have fallen by a further 3.4 per cent since June 2009.

In contrast, the UK as a whole has seen an increase in prices: a club on 41.8 per cent.

The new data has highlighted that it’s in the City of London where the biggest recovery has been made in terms of property prices.

A decade on, and here, price growth stands at 143.4 per cent.

Back in June 2009, the average house price in this location stood at £348,751, the property experts said, while in February this year, the figure was £848,890.

The runner-up in terms of best recovery is St Albans, England.

With a growth of 85.2 per cent, property prices averaged at £279,095 in this corner of England at the end of the financial crisis.

This now stands at around £516,797.

According to the statistics, Monmouthshire in Wales, the Shetland Islands in Scotland, and Mid Ulster in Northern Ireland have also seen some of the best recoveries – all coming within the top five.

Founder and CEO of Springbok Properties, Shepherd Ncube, commented: “With a decade since the end of the financial crash approaching, it’s important we consider how lucky we currently are despite Brexit uncertainty slowing the market and the current rate of house price growth.

“Things could certainly be a lot, lot worse and for homeowners in a number of areas of the UK, they are still as bad as they were 10 years ago. When you take this into consideration, a slight reduction of a few thousand pounds in asking price is a much easier pill to swallow.

“The speed and extent with which the UK market has bounced back following the previous crash is a testament to the market’s resilience and proves that despite what is thrown at it, bricks and mortar remains one of the best investments you can make.”

What about the regions which are yet to recover?

It may be 10 years later, but Springbok Properties point out that there are still many places which continue to be affected.

In fact, it highlights that 17 areas of the UK have seen prices fall further since the crash – eight of which are in Northern Ireland.

Other regions include Inverclyde (-7.9 per cent), County Durham (-3.7 per cent), and Blackpool (-1.5 per cent).

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Best Recoveries: 2009-2019

Region Name, Location, Average HP (June 2009), Average HP (February 2019), Change in %

City of London, UK/London, £348,751, £848,890, 143.4%

St Albans, England, £279,095, £516,797, 85.2%

Monmouthshire, Wales, £177,452, £271,469, 53.0%

Shetland Islands, Scotland, £99,848, £160,492, 60.7%

Mid Ulster, Northern Ireland, £126,957, £134,895, 6.3%

Yet to Recover: 2009-2019

Region Name, Location, Average HP (June 2009), Average HP (February 2019), Change in %

Adds and North Down, Northern Ireland, £171,238, £153,417, -10.4%

Inverclyde, Scotland, £108,024, £99,467, -7.9%

Newry Mourne and Down, Northern Ireland, £152,984, £141,824, -7.3%

Mid and East Antrim, Northern Ireland, £134,249, £125,345, -6.6%

Armagh City Banbridge and Craigavon, Northern Ireland, £128,248, £120,699, -5.9%

County Durham, England, £102,824, £99,011, -3.7%

City of Aberdeen, Scotland, £154,921, £149,435, -3.5%

Lisburn and Castlereagh, Northern Ireland, £165,357, £160,834, -2.7%

Antrim and Newtownabbey, Northern Ireland, £144,783, £140,893, -2.7%

Fermanagh and Omagh, Northern Ireland, £128,116, £125,359, -2.2%

Belfast, Northern Ireland, £134,216, £131,324, -2.2%

Hartlepool, England, £109,028, £106,836, -2.0%

Middlesbrough, England, £115,587, £113,712, -1.6%

Blackpool, England, £105,235, £103,703, -1.5%

South Ayrshire, Scotland, £130,863, £129,277, -1.2%

West Dunbartonshire, Scotland, £105,476, £105,049, -0.4%

Redcar and Cleveland, England, £115,149, £115,044, -0.1%

source: express.co.uk