Property Prices Back To 2007 High For Some
Some places in the UK saw their house price reach the peak that it did back in the good old days of 2007, others however saw their house prices drop. Islington in London saw its house prices rise to the peak levels of summer 2007 and was the best performing location in 2010. They saw price rises of 11.7%,quite impressive. Islington prides itself on having quaint cafes, antique shops, Georgian houses and independent shops. Unsurprisingly many of the best performing areas are found in London, Camden also features in the list. Kensington and Chelsea saw double digit growth whilst Hammersmith and Fulham saw price rises of 7.9% which sees both boroughs back to their 2007 best.
The worst house prices were found in northern and northwest England.Prices fell in some areas by 3.9%, places such as Blackpool, Burnley and Stoke-on-Trent. Transactions were only28% of the pre-recession levels. Compare this to the 87% transaction rate of Islington and they really do seem to be struggling. Merthyr Tydfil in SouthWales reported property price rises of 33% in December but the figure is based on just 35 transactions so this can be deceptive. So it is easier to look not only at property price rises but also the number of completed transactions to gain a better idea of which areas are faring best.Islington fares well because a lot of people in the borough are equity rich. St Albans reports five sales of houses over the £500,000 mark and Waverley in Surrey witnessed a growing number of cash purchases for houses. There is a lot of money in Waverley though and a lot of people are cashing in shares to invest in property. Its location is fantastic as you are within an hour of two airports, near London and the coasts and you live in the countryside so the area is fantastic to live in. Uttlesford in Essex also became favourable as it too is close to London and is situated just off the M11. Average house prices here have grown by 5.6% and turnover is back to 77% of the pre-recession days.
West Devon came fourth in areas outside of London and South Cambridgeshire and rose up the ranks in 2010. People feel that they have good value in properties in these areas if they purchase just outside of the city but within commuter distance.
These were the statistics for 2010 but will Islington still top the list in 2011, this still remains to be seen.
