- Posted on 29 Aug,2018
Prices in Belfast, Liverpool and Aberdeen are below the level they were in July 2008, while in Cambridge and London, they're more than 65% higher than they were ten years ago House prices in a quarter of the UK's biggest cities are struggling to recover to the level they were at during the height of the financial crisis, according to a latest house price index. Ten years on from the crash, homes in Belfast, Liverpool and Aberdeen are now lower than they were in July 2008, less than two months before the apex of the crisis, the collapse of investment bank Lehman Brothers in September 2008. Meanwhile Newcastle and Edinburgh have experienced weak single digit growth. At £129,629, average prices in Belfast are 28% lower than they were a decade ago, highlighting how hard Northern Ireland’s capital was affected. Aberdeen and Liverpool are also still recovering, with prices down 3% and 1%, respectively, on where they were a decade ago. House prices are just 1% higher than they were a decade ago in Glasgow (£121,940) and 3% in Newcastle (£128,641), an indication of how slow their recovery has been. By contrast, homeowners in Cambridge have seen the value of their properties rocket by 70%, on average, to £432,410. London homeowners have also experienced a spectacular a rise, with prices up 65% to an average of £483,792 since July 2008. Do I need planning permission? What you can build without it, what you can't and how to get it On a national basis, house prices are 26% above the level they were ten years ago, highlighting the regional differences within the UK’s housing market. In the past year, UK house prices have risen by 4.2%, driven by medium-sized cities such as Nottingham and Leicester, where house prices are rising by 7.5% and 6.6%, respectively.