Great News! – Biggest bounce back in property values and where they are

When the pandemic first took hold last year it created much uncertainty and predictions followed regarding the property market crashing.  However, property prices are at an all-time high showing how resilient the property market is now.

A market crash hit back in 2007 when property value fell by -18% decline across the UK. Northern Ireland experienced the worst hit when average prices dropped by -38%. Other areas where South East (-19%), South West (-18%), East Midlands (-18%) and East of England (-17%)

Since then, over the last decade the market has seen a whopping 54% increase in the average house price.  The areas showing the most increase is by no surprise – London; with an average house price of £490,620 – showing a 96% growth since 2009. Post COVID-19 this is still increasing and now stands 118% higher compared to 2009. Many boroughs across London are seeing a similar bounce back with 100% growth or more in property values.

This trend is seen across much of England. South East is showing the average property value increase of 72%, East of England (74%), South West (55%).  The largest recovery areas away from the Capital are Epsom and Ewell (85%) Cambridge (94%), Bristol (91%), Oxford (86%) and Hertsmere (85%).

This is great news for anyone wishing to get onto the property ladder or anyone moving home. The market has shown growth and resilience against some of the toughest times throughout the past year and post recession in 2009.

To discuss your individual requirements please call us n 01483592743 or 07834173731 Alternatively please send us an email at info@themortgagechoice.co.uk

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Information sourced & for full article please visit Property Reporter

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