Average Teesside home is worth £25k LESS than it was five years ago

The average homeowner in parts of Teesside has lost £25,000 off the value of their house since the coalition came to power in 2010 – while prices in London have soared.

Exclusive analysis of Land Registry data show the average house price in Redcar and Cleveland has dropped by 21.3% since May 2010, the date of the last election.

The average price is now £92,785 – or £25,134 LESS than it was then.

Only two places in the country – Merthyr Tydfil (down 27.1%) and Blackpool (down 24.9%) – have seen a bigger percentage fall.

In Middlesbrough, prices are down 6.6% since May 2010.

That means the average property is worth £5,904 less now than then.

And Stockton-on-Tees has seen a 2.6% fall, equivalent to £2,944.

Across England and Wales as a whole, house prices have actually gone up by 10.8% since May 2010, with the average property worth £17,595 more than it was then.

Across England and Wales as a whole, house prices have risen by 10.8% since May 2010.

The biggest increases have all been in London – with the 29 top-rising areas all in the capital.

Top of the list is Hackney, where house prices are up 76.3%.

The average house is now worth £634,045 – or £274,491 more than it was five years ago.

In the City of Westminster, meanwhile, the average price is up £464,941 from £610,767 to £1.07m.

When London is taken out of the equation, Tory-run areas seem to have done markedly better than those controlled by other parties.

Ten of the 20 ‘non-London’ areas that have seen the biggest rises are held by the Conservatives, with nine in no overall political control and just one – Slough – held by Labour.

Tory Wokingham (up 25.7%), Hertfordshire (up 24.6%) and Surrey (up 24.6%) have seen the biggest rises outside London.

By contrast 19 of the 20 areas to have seen the biggest falls in house prices are run by Labour.

The only one that isn’t is Lancashire (down 13.6%) – which is in no overall control.

Source – Middlesbrough Gazette, 13 Apr 2015

Advertisements

One comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s