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Huge variation in city centre property prices

Alex Johnson

7cf0f88c5e585f2c440ad1668ceba96031030279 300x200 Huge variation in city centre property pricesProperty Market Analyst Kate Faulkner from Property Checklists has been trawling through the seemingly endless numbers of property price statistics and come up with the following conclusions about city centre property prices:

* areas where property prices are still falling (i.e. still struggling to reach the ‘bottom of the market’) include Liverpool, Bradford, Nottingham, Leeds and Sheffield
* cities where property prices appear to be ‘at the bottom’ include Manchester, Peterborough and Birmingham
* average house prices in Middlesbrough have seen the greatest annual fall of nearly 12% year on year, Oldham down by 11%, with Blackburn and Blackpool not far behind, falling on average by 8%
* areas which are doing well so far this year include Wokingham and Walsall up 3%.
* Edinburgh shows good signs of solid growth, up 10.7% on the high of 2007

Overall, she estimates that there is a 30% variation in city centre property prices.

Pensioners’ homes worth nearly £769 billion
Retired homeowners have total property wealth owned outright of £768.95 billion, according to figures from Key Retirement Solutions shows. On average, the over-65s in London experienced gains of nearly £12,000 in their home equity in the last three months, those in Scotland £3,000 and in Yorkshire £1,180. Meanwhile retired homeowners in the North West had drops of more than £4,190 in the same period and in the South East of England of £1,567.

Property trends
* Beaney Pearce say the average rent paid by their applicants for a one bedroom property has increased by 15% with 17% mor tenants opting for longer tenancies in the last three months compared to the same period last year
* Connells reports a rise in first time buyer housing activity in May with 4% more mortgage valuations conducted than in April and the total number of residential valuations up by a third from a year ago
* Knight Frank estimate that there will be a nearly 40% rise in the number of new households created in London between 2011 and 2021, a total of 525,790
* Chesterton Humberts report their prime London lettings deals are up by 5% over the past three months with particularly strong growth in the buy-to-let market
* Hamptons International say demand for property across London and the south of the UK is at its highest since 2007 and has increased by 20 per cent on the same time last year with the number of sales agreed up 12 per cent and commuter hotspots such as Caterham and Tunbridge Wells topping sales increase lists

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