Real price of many UK residential properties declines

New BBC research reveals that more than half of residential properties in the UK are selling for less now than they did ten years ago.

And the research shows that when it comes to growth in property values, there is still a stark north-south divide in the country.

The BBC findings show that in 58 per cent of wards across the UK, residential properties are selling for less now, after accounting for inflation, than they were in 2007.

In the North East, 95 per cent of properties have decreased in value, when inflation is accounted for, since 2007, while the percentage is similarly high in York and the Humber (92 per cent), Wales (90 per cent) and the North West (88 per cent).

Meanwhile, in the South East, only 20 per cent of residential properties are now worth less than they were a decade ago, while in London just 1 per cent of houses have lost value.

Average house prices in Wales, Yorkshire and the Humber, the North East and the North West have declined by more than 10 per cent since 2007, when values are adjusted for inflation.

For this research, the BBC data team and the Open Data Institute (ODI) Leeds analysed more than eight million residential property transactions in England and Wales from the Land Registry database for the period between 2007 to July this year. These exclude mortgaged buy-to-let properties.

Article published 17th October 2017