REVEALED: What housing boom? The parts of the country where house prices are FALLING
06-02-2015
THOUSANDS of British homeowners are missing out on the UK's housing boom with prices FALLING in their part of the country, according to new data.
Despite growing talk of a market boom, values are still not rising in some parts of Britain following the financial crisis, particularly those in the north.
Prices in the North East fell by 0.5 per cent from March to April, according to the latest Land Registry data, where average prices are £98,374.
In Wales prices fell by 1.1 per cent from March to April same period to sit at an average £117,032.
Looking at indovidual counties, Middlesborough is struggling the most. Prices in the area dropped by 5.4 per cent in the month to April and are down 7.6 per cent year on year.
The average home price in Middlesborough stood at £71,012 in April - a far cry from the typical value of £113,908 reached in April 2008.
It's a similar story in Stockton-on-Tees, Darlington and Bolton where prices all shifted down in April, to amass annual falls of 6.8, 5.7 and 4.9 per cent respectively.
By comparison, the average value of property in London edged up another 2.3 per cent in April to take the annual rise to 10.9 per cent.
The average house price in the capital now sits at £474, 544.
Overall, the average price of a home across Britain increased by 5.1 per cent in the year to April 2015, but huge price rises across London and the South East have helped to skew the picture.
And as the price surges in the capital tapers off, Slough and Reading in Berkshire are now leading the charge with 12-month price rises of 13.7 and 13.3 per cent respectively and typical values of £203,325 and £239,441.
Annual price growth above 12 per cent was also witnessed in Hertfordshire, Wokingham and Thurrock.