Rose Tinted Spectacles? Looking back at the crash…10 years on
Ten years on from the housing crash and it’s worth taking stock and looking back. Counter-intuitively, in 58% of wards, residential properties are selling for less now, after accounting for inflation, than they were in 2007.
Recent research from the BBC and ODI show huge national and regional differences. In 2017, the average house price in North Ormesby, Middlesbrough was £36,000. At £2.9m, an average home in the most expensive ward – Knightsbridge and Belgravia – costs the same as 80 homes in North Ormesby.
Looking in detail at the figures closer to our region, there are still surpsing disparities. In real terms, property values have fallen in just 4 wards in West Oxfordshire; Alvescot & Filkins (-7.7%), The Bartons (-5.8%), Kingham Rollright & Enstone (-4.4%) and Carterton SW (-0.4%). Neighbouring disctricts have seen some greater drops, in particular Cotswold – Northleach (-17%), Cherwell – Heyford & Fringford (-13%), VoWH – Faringdon (-12%).
Apart from those listed above, every other Ward in West Oxfordshire has seen real term increases in property values. The 5 strongest performing areas have been; Burford (+43%), Charlbury & Finstock (+39%), Ducklington (+31%), Carterton NW (+27%) and Witney North (+26%).
The highest average values also make for interesting reading with the Top and Bottom 5 being: