Average prices less than a decade ago

Average prices less than a decade ago

Average prices less than a decade ago

Prices in some towns and cities remains significantly below those seen a decade ago, according to new research.

A study by HouseSimple revealed some areas of England and Wales have yet to recover from the economic downtown.

The worst performing cities are Blackpool and Sunderland where prices are 15.3 per cent and 13.3 per cent below where they were in 2017.

However, some areas have seen a strong increase in prices, with the largest rises seen in London with 68.5 per cent growth and 64.5 per cent in Cambridge.

“The last ten years has been a golden period for many UK home owners who have sat back and watched the value of their homes rise to record levels. Unfortunately, there are pockets of the UK where property prices have been literally stuck in the past. Many of these home owners will have been in negative equity for a decade,” said Alex Gosling, HouseSimple’s chief executive officer.

He added: “It must be galling for anyone who bought a property ten years ago, at the top of the market, and are sitting in a home that is still worth less today than it was when they bought it pre-2008. Worse still, any hope they have of drawing a line under their misfortune, and moving on, is most likely on pause as selling up would mean losing money.”ADNFCR-1222-ID-801839893-ADNFCR

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