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Last UK areas see house prices return to pre-credit crunch levels

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17/01/2022
It took two years for prices in London to recover to pre-credit crunch levels, but 14 years for Durham and Hartlepool
Last UK areas see house prices return to pre-credit crunch levels

Property prices in every part of the UK have finally recovered to the levels they were at before the 2008 housing market crash, said Just Move In.

The home setup service said that the final areas took 14 years to get back to pre-credit crunch levels.

Durham and Hartlepool were the last two places in the UK where property prices hadn’t recovered to pre-crash levels, but they tipped over the line in the most recent Land Registry data.

Blackpool and Middlesbrough finally recovered to pre-crash levels in the previous month’s Land Registry data, and are among 13 regions that took more than 13 years to do so.

By contrast, London recovered to its pre-crash peak in only two years. Nine of the fastest 10 areas to recover are found in the South, while all 10 of the slowest regions are in the North.

Average prices

The average UK home peaked at £190,032 in September 2007, and is currently 142% higher at £269,945.

Cambridge, London and St Albans have seen the strongest house price growth since the crash, with prices currently 181%, 175% and 168% of their pre-crash peak respectively.

Ross Nichols, co-founder of Just Move In, said: “The housing market has exploded over the past year, but it’s sobering to think it’s taken 14 years for every part of the country’s property prices to recover to the levels they were before the 2008 crash.

“There’s a North-South divide when it comes to the recovery, with London and other Southern cities bouncing back quickly, while Northern areas are still lagging behind.”

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