Belfast

House prices still recovering from financial crisis in a quarter of UK's largest cities



House prices in Belfast, Liverpool and Aberdeen are lower than they were in July 2008, according to new research.

The latest Hometrack UK Cities House Price Index for July 2018 has found that house prices in a quarter of the UK’s largest cities were still recovering from the financial crisis.

Prices of £129,629 in Belfast are 28% lower than they were a decade ago, while in Aberdeen and Liverpool, prices were down 3% and 1% respectively, on where they were 10 years ago.

House prices in Glasgow are just 1% higher than they were in 2008, while there has only been 3% growth in Newcastle.

However, in Cambridge, house prices have risen by 70%, on average, while London homeowners had seen a 65% increase in prices since July 2008.

On a national basis, house prices are 26% higher than the level they were 10 years ago.


Source: Hometrack UK Cities House Price Index

Richard Donnell, insight director at Hometrack, said that the fact house prices in some of the UK’s biggest cities were still recovering from the financial crisis showed how big an impact it had on regional housing markets.

“These past 10 years would have been difficult for many homeowners living in these cities, with low prices [and] weak growth making it difficult to move homes for work or to up-size to accommodate growing families.

“At the other end of the spectrum, prices in Cambridge are 70% higher over the last decade, followed by London (65%), Oxford (55%) and Bristol (53%). 

“Stronger economic growth, a broader base of demand for housing and limited availability of homes for sale are behind this stronger performance.

“However, these cities are now registering the weakest annual rate of growth as tax changes impacting investor and affordability pressures impact demand and the level of house price growth.”

 


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