Home Residential Property Durham and Hartlepool are only two UK places where house prices haven’t recovered to pre-2008 crash levels

Durham and Hartlepool are only two UK places where house prices haven’t recovered to pre-2008 crash levels

by LLP Editor
22nd Dec 21 11:13 am

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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