2018’s house price winners and losers
Towns and cities in London and the South East saw the biggest house price drops in 2018, according to new research by Halifax.
However, the lender said it was Middlesbrough that claimed very last place, losing 6% in value over the year (£8,920).
But the majority (14 of the top 20) of house price losers were in towns in London and the South East. Houses in Aylesbury in Buckinghamshire dropped 5% in value while Watford, Romford and Havering, all based around London, saw a 2% decrease in value in 2018.
Blackburn (4%), Ipswich (3%), St Helens (3%), Lincoln (3%) and Doncaster (2%) were the only other towns outside of London and the South East to be included in the 20 biggest losers.
This year’s property price winners
The majority of top property price performers were in Scotland, Wales, and North and central England.
Ashford and Livingston both saw house price increases of 10.5%, placing them top of the winners’ table. Scotland was also represented by Edinburgh, which has seen house prices grow 8.6% this year.
Bridgend and Cardiff in Southern Wales saw increases of 8.3% and 7.5% respectively, while towns like Warrington (7.8%), Stockport (6.8%) and Leeds (6.1%) represent the North.
The national average increase was 3.3% since 2017.
Russell Galley, managing director of Halifax, said: “This year marks a significant shift away from the traditional dominance of London and the South in our annual house price table.
“Scotland and Wales are well represented, with the Scottish town of Livingston sharing top spot and Bridgend in Wales taking fifth place. Towns in East Anglia, West Midlands, the North West and Yorkshire and the Humber also feature prominently, showing that solid investments can be found away from the capital.”
London losing out
Properties within Greater London suffered worst in 2018, with four local authorities making up the top 10 losers. Houses in Greenwich (-3%), Sutton (-3%), Harrow (-2%), and Kingston-upon-Thames (-2%) all saw property prices slide.
Russell Galley added: “The majority of towns in which house prices have dropped in the last year are situated within in Greater London, marking a dramatic turnaround in fortunes.
“It is well documented that house prices in many areas of London are experiencing challenging conditions following very strong historic price growth. The large deposits required for London homes, a weak relative supply of housing and of course the current economic uncertainty will all have played a part in 2018.”