Oct
17

House prices: Have they actually gone up in your neighbourhood?

estate agents feesHouse prices in more than half of neighbourhoods in England and Wales are still lower in real terms than a decade ago, BBC analysis has revealed.

In 58% of wards, residential properties are selling for less now, after accounting for inflation, than they were in 2007.

The findings, drawn from official data, expose a stark regional divide in price movement since the financial crisis.

Rising house prices have been confined to the South East and East of England.

Average house prices in Wales, Yorkshire and the Humber, the North East and the North West have declined by more than 10% since 2007, when values are adjusted for inflation.

Meanwhile the latest official figures indicated that house prices across the UK rose by 5% in the year to August, taking the average price of a property to £226,000.

The Office for National Statistics said the smallest increase was in London, where prices rose 2.6%.

Adjusting for inflation when comparing 2007 house prices to those in 2017 allows for a more realistic comparison of their value given changes in the cost of living over the last 10 years.

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