Areas in the UK where house prices are yet to recover from the 2008 house price crash

Areas in the UK where house prices are yet to recover from the 2008 house price crash

New research by eXp UK, a network of personal estate agents, has shared which areas of the UK property market are still yet to recover from the last property market crash. While there are widespread fears of a current market downturn, the property market is yet to see house prices crash. However, the Office for Budget Responsibility (OBR) has revealed that house prices are set to fall by 10 percent compared to their peak in the fourth quarter of 2022.The experts claimed house prices will plummet as a result of low consumer confidence, the current cost of living crisis and increased interest rates.With this in mind, eXp UK analyzed house price data since July 2009, when the 2008 recession ended, adjusting for inflation, to reveal where the best (and worst) places were to have bought a home at that time. Since July 2009, the property market has bounced back significantly with the average UK house price climbing by 81.2 percent. READ MORE : Remove stubborn ‘green stains’ from your fence with kitchen stapleAfter adjusting for inflation, in numerical terms, UK house prices have increased by £65,990, or 28.9 percent.Unsurprisingly, London has seen the large increase see after adjusting for inflation with house prices rising by 48.7 percent.London was closely followed by the East of England where prices have increased by 45 percent and the South East where prices have increased by 42 percent.This is also reflected on a local level in London with areas in the capital dominating when it comes to making the largest house price increase since the last market crash.While the majority of these locations are found across Scotland and Northern Ireland, 13 are located within England.The worst property price performance has been seen in Middlesbrough where inflation-adjusted house price growth sits at -9.5 per cent, while County Durham, Hartlepool, Sunderland, Gateshead, Darlington, Blackpool, Allerdale, Preston, Richmondshire, Stockton-on-Tees and Redcar and Cleveland are also yet to recover .The head of eXp UK, Adam Day, said: “Despite growing concerns during the final quarter of 2022, we’re yet to see the housing market buckle under the pressure of the curre nt economic landscape.“While a potential market crash will always be cause for concern for the nation’s homeowners, particularly those to have witnessed the last downturn first hand, the market has rebounded substantially in the years that followed and the vast majority have enjoyed a healthy increase in the value of their home.“However, there are a number of pockets across the UK property market where homeowners are still feeling the impact of the 2008 recession, with the average value of a home having decreased once adjusting for inflation.”Top 10 areas where house prices are yet to recover from the 2008 crash after adjusting for inflation:1. City of Aberdeen2. Adds and North Down3. Belfast4. Mid and East Antrim5. Inverclyde6. North Ayrshire7. Antrim and Newtownabbey8. Newry Mourne and Down9. Armagh City Banbridge and Craigavon10. Aberdeenshire