After a decade of static house prices in the north and rapidly rising prices in London and the south, the long-standing north-south gulf in house prices is beginning to narrow in some of the UK’s most desirable postcodes, according to research carried out by online estate agents HouseSimple.com.
Chelsea – the area in SW6 Fulham around the Stamford Bridge football stadium and not Kensington & Chelsea – languishes in the bottom three as average property prices in the borough of Hammersmith & Fulham have slumped 3.2 percent, almost £25,000, while rivals Manchester City and Manchester United have returned to the Champions League positions with average property prices up 6.7 percent and 4.6 percent respectively.
Watford, meanwhile, sit at the bottom of the table having slumped a massive five percent from £361,407 to £343,316, a loss of £18,091 per home in a single year.
However, the big surprise once again is Leicester’s return to the top of the table with a massive 7.8 percent rise in prices over the year from May 2016 to May 2017. With the average house price in Leicester growing from £155,380 to £167,518 residents in the East Midlands city have landed a £12,138 property price windfall in just a single year.
Sam Mitchell, CEO of HouseSimple.com said “the glory days have returned to Leicester once more”.
He said: “After a couple of modest seasons in the Premier League, at least homeowners in the East Midlands city have something to cheer about.
“As for Chelsea, it’s been a year to forget on all fronts. The team massively underperformed in the Premier League, and house prices have underperformed, and could well fall further over the next 12 months.”
Despite the change in percentage growth across the UK, there remains a huge gulf between property prices across the UK with the average price near Chelsea football club still a whopping £1,343,582 compared to houses near 2018 Premier League champions Manchester City. However, its good news for most northern homeowners after residents in the Etihad Arena postcode posted a very healthy 6.7 percent rise from £158,912 to £169,598 – a very tidy £10,686 average price rise.
Manchester can also claim to have one over on its great rival Liverpool with average property prices around Anfield falling 0.6 percent over the past year. House prices in Liverpool remain low after falling from £78,169 to £77,679.
The research follows news that British house prices remain subdued, mortgage lender Nationwide has confirmed last week. UK house prices were up by 2.4 percent in the year to May, down from a rise of 2.6 percent in April.
Nationwide Chief Economist Robert Gardner expects the market to continue to slow. He said: “There are few signs of an imminent change.
“Surveyors continue to report subdued levels of new buyer enquiries, while the supply of properties on the market remains more of a trickle than a torrent.”
1. Leicester City 7.8 percent
2. Manchester City 6.7 percent
3. West Bromwich Albion 5.5 percent
4. Manchester United 4.6 percent
5. Southampton 3.2 percent
6. Swansea City 3.0 percent
7. Stoke City 2.0 percent
8. AFC Bournemouth 2.0 percent
9. Tottenham Hotspur 1.5 percent
10. Crystal Palace 0.7 percent
11. Middlesbrough 0.3 percent
12. Arsenal 0.0 percent
13. Everton -0.2 percent
14. Burnley -0.3 percent
15. Liverpool -0.6 percent
16. Hull City -0.7 percent
17. Sunderland -0.8 percent
18.Chelsea -3.2 percent
19. West Ham United -4.0 percent
20. Watford -5.0 percent