The current quarterly statistics for April to June 2008 provide interesting reading, especially for those living in Hull, Windsor and Maidenhead, and Poole, Dorset. Each of the three has recorded quarterly increases in double digits. Prices in Hull have increased by 15.1 per cent in the quarter, and 8.8 per cent annually.
Why might this be? Well, some areas will always be popular and fairly recession-proof, although this doesn’t explain Hull, which has always featured in the ‘Worst’ section of the 4Homes Best & Worst map. But you could speculate that Hull City’s promotion to football’s top flight for the first time in the club’s history has had an uplifting effect on the local economy, which impacts on house prices too.
Other areas seeing large house price increases that hitherto have been off the property radar are: Blackburn With Darwen, Blackpool, Stockton-on-Tees and Swansea. Each features in the quarterly top 10 and has seen prices rise by greater than 6.4 per cent in the quarter April to June 2008.
Property portal Rightmove publishes the Rightmove House Price Index Report. The Report provides a monthly snapshot of house price asking prices by region in England and Wales, as well as analysis of the market trends.
The most recent report, August 2008, reveals that only the East Midlands region has seen asking prices increase when compared to the previous month. House price asking prices grew by 1.6 per cent in the region, but have decreased by 5.3 per cent annually. The average house asking price is £174,324 in August 2008 compared to £171,643 in July 2008.
Scotland is also doing better than much of the rest of the UK. Fionnuala Early, Nationwide’s chief economist, says, ‘Twelve out of 13 UK regions experienced year-on-year declines during the second quarter, and all regions saw prices decline on a quarter by quarter basis. Scotland still has the most resilient housing market in the UK. The quarterly change was below most other regions and annually prices increased by 0.6 per cent.’
The biggest regional downturn is in London, where asking prices fell by 5.3 per cent. Miles Shipside of Rightmove says, ‘London, in particular, appears to be having its own summer sale with over £21,000 off in a month.’
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