Housing Hot and Cold Spots in 2008
All figures in this article come from Halifax, the UK’s largest mortgage provider, and their account of house prices in December 2007.
Ten years ago, all UK counties had an average asking price below £150,000. Today only twenty counties do.
Ten years ago, no county in the UK had an average asking price over £250,000 – today twelve counties do.
But where are the highest and lowest asking prices in the UK today? And what will your money buy you in these counties today?
Nine out of the top ten most expensive counties are in the south of England, County Down in Northern Ireland is the exception.
Five out of the top ten least expensive counties are in Scotland, four are in Wales and one is in Yorkshire.
Below is a run down of the top five most and least expensive areas in the UK.
UK's most expensive counties:
Halifax document that Surrey is the most expensive county in the UK with an average asking price of £364,115.
Listed below are the 5 UK counties with highest asking prices (from highest to lowest) as recorded by Halifax in December 2007. For each county we state the average price of a house, plus a link to Propertyfinder.com showing what this money would buy you:
Surrey, South-East England. Average Price: £364,11
Hertfordshire, South-East England. Average Price: £319,091
Oxfordshire, South-East England. Average Price: £315,894
Berkshire, South-East England. Average Price: £315,639
Buckinghamshire, South-East England. Average Price: £313,644
UK's least expensive counties:
Halifax document that Blaenau Gwent is the least expensive county in the UK with an average asking price of £113,964.
Listed below are the 5 UK counties with lowest asking prices (from lowest to highest) as recorded by Halifax in December 2007. For each county we state the average price of a houseshowing what your money would buy you:
Blaenau Gwent, Wales. Average Price: £113,964
Merthyr Tydfil, Wales. Average Price: £120,353
Western Isles, Scotland. Average Price: £124, 067
West Dunbartonshire, Scotland. Average Price: £126, 327
North Lanarkshire, Scotland. Average Price: £135,614
Commenting on the rise in house prices in the last ten years, martin Ellis, Chief Economist states:
“All counties in the UK have seen at least a doubling in prices since 1997. Prices in more than four in ten counties trebled or more. There are now only 20 counties in the UK with an average house price below £150,000; ten years ago, every county was below the threshold”
And what about the future?
We predict the UK areas that look likely to oppose the falling house price trend in 2008, and give reasons as to why:
Central London
Liam Bailey, head of Residential Research for Knight Frank states:
“While a gradual slow down continues to take its toll on the main housing market, properties in prime central London appear to be proving resilient against the background of continued economic uncertainty”.
Hackney and Tower Hamlets, East London
In the run up to the 2012 Olympics, regeneration in these areas will be rife; the construction of the ‘Olympic Village’ is expected to begin by the close of the 2008 Bejing Olympics - house prices close to the site of the 2012 Olympics have already seen a 15% rise. Additionally, the East London Tube Line is being extended, allowing greater transport links around the capital.
Weymouth and Portland, South West
As the area focuses on becoming the watersports venue for the 2012 Olympics, and the construction on a new marina continues, interest in property here has seen a steady growth.
Chatham, Kent
High speed commuter links are expected to be in place by 2009, these will link central London to North and East Kent making it an easy choice for London commuters.
Dartford, Kent
Furthering transport facilities in the Kent area is the recent opening of a Eurostar station in Ebbsfleet – allowing passengers a 15 minutes journey time into London and a 2 hour journey time to Paris.
Liverpool, North West
As the ‘European Capital of Culture’ for 2008, excitement is high around the city and Liverpool is set to benefit from great investments. House prices are thus likely to increase.
Paisley and Greenock, Scotland
Paisley and Greenock benefit from lower than average house prices at present, but both have good transport links into Glasgow. This is sure to make both popular choices within the housing market for 2008.
Lochgelly, Scotland
Similarly, Lochgelly benefits from lower than average house prices at present, but has good transport links into Edinburgh.
Aberdeen, Scotland
As one of the world’s major oil centres, the strength of the economy in Aberdeen looks set to persist. The positive effect on the property market should thus continue.
Monmouthshire, Wales
Demand for property in this area has increased due to second home buyers choosing Monmouthshire as an alternative to the Cotswolds
By Katie Silcox
