Life after the Housing Boom |  |
House prices are higher than in 2007 in just two areas of the country
Rochford in Essex and South Lakeland are the only two local authority districts in the UK where house prices are currently higher than they were in 2007, according to the latest research from Halifax.
Martin Ellis, housing economist at Halifax, commented:
"The whole UK has been hit hard by the economic downturn of the last few years. There are only two areas of the country where house prices are currently higher than they were at the peak of the boom in 2007 and even here the increases are marginal.
"A striking feature of our analysis of the areas that have fared best and worst in the past four years is a distinct north-south divide. Those areas that have weathered the storm best are nearly all in the south whereas those areas worst affected are all outside southern England. Northern Ireland has done particularly badly as much of the sharp gains in the years prior to 2007 have since been reversed."
