Penny, who writes the wonderful rentergirl blog, asked me to post a few regional house price charts. Here is the first of what I hope will be a series. Today, we are looking at flat prices in the North West of England, which includes Penny's home town of Manchester.
According to the data, average flat prices in the region peaked in the first quarter of 2007 at ₤111,000. Since then prices have fallen by about 19 percent. The latest data puts the average price at about ₤89,000.
As Penny's blog illustrates, the North West is the epicentre of the UK's buy-to-let inner city two bedroom new build speculative bubble. It will also be the epicentre of its crash.
I just wish Penny would post more often.
5 comments:
Any chance of a chart for London?
I just wish Penny would post more often.
mee too
Thanks for that Alice (and Paul...) And the chart? General prices are falling more slowly than the plummetting newbuilds, which have gone down from £170k to £110K (and sell at auction for £60-70k.) I am sure that's skewing the figures up here.
Anecdotal for Edinburgh.
Before Northern Rock blew up, prices in Edinburgh were offered on an offers over basis. The Scottish system a vendor values the property, it is then put out to auction for offers over the valuation, at the peak of the boom there were tales of properties going for £50,000 over the asking price.
Today, I would say 95% of property are now offered at fixed price. That used to be reserved for dingy little basement flats that somebody wanted to offload as quickly as possible.
Dramatic change.
Is the Central London property market ranging from £600,000 to £1,200,000 falling? What are your expectations for 2009?
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