More than 13 years after the 2008 crash that wiped millions of pounds from the housing market, Durham and Hartlepool are the last two places in the UK where property prices are yet to recover to pre-crash levels[1], reveals research by home setup service Just Move In.
Property prices have surged during the pandemic, with the average home hitting record levels[2], but parts of the country have only recently recovered to the highs they reached before the credit crunch.
The average UK home peaked at £190,032 in September 2007, and is currently 142% higher at £269,945.
The average home in Durham was £119,447 in the latest Land Registry figures, which was £2,890 below its £122,337 pre-crash peak in October 2007. Hartlepool prices are £129,438, £3,498 lower than the £132,936 it topped out at in November 2007.
Blackpool and Middlesbrough finally recovered to pre-crash levels in the latest Land Registry data, and are among 13 regions that took more than 13 years to do so.
Table: Ten slowest regions to return to pre-crash levels
| Region | Pre-crash peak | Date of pre-crash peak | Return to peak | Time to return to pre-crash peak |
| Hartlepool | £132,936 | November 2007 | Not yet | 14+ years |
| Durham | £122,337 | October 2007 | Not yet | 14+ years |
| Blackpool | £126,000 | October 2007 | September 2021 | 13 years 11 months |
| Carlisle | £143,276 | August 2007 | June 2021 | 13 years 10 months |
| Preston | £144,536 | December 2007 | August 2021 | 13 years 8 months |
| Middlesbrough | £129,963 | January 2008 | September 2021 | 13 years 8 months |
| Wyre | £168,110 | November 2007 | May 2021 | 13 years 6 months |
| Redcar and Cleveland | £132,902 | September 2007 | February 2021 | 13 years 5 months |
| Gateshead | £141,173 | December 2007 | April 2021 | 13 years 4 months |
| Burnley | £95,486 | August 2007 | November 2020 | 13 years 3 months |
Source: Just Move In / Land Registry
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