The towns where house prices haven't recovered since 2007

The towns where house prices haven't recovered since 2007

The latest research from online estate agents,, has revealed that hundreds of thousands of UK homeowners who bought property before the crash in 2007 – while prices were at the top of the market – are still stuck in negative equity 10 years on. But where do they live?

The research compared average house prices in June 2007 and June 2017* in more than 60 major towns and cities in England and Wales. Almost 1.5 million property transactions were completed in 2007 when property prices reached peak levels, just before the financial crisis.

The research revealed that in more than a quarter (28%) of those towns and cities, average property prices today are still below 2007 values. The worst affected towns are Blackpool (15.3%) and Sunderland (13.3%), where average house prices remain more than 10% below pre-crash highs.

More than a third of the 17 towns and cities where average property prices are still lower today than they were a decade ago, are in the North West. During the same period, average London prices have risen a staggering 69%.

The following table shows the 17 UK towns and cities where average property prices today are still below 2007 levels.



Average price - June 2007 (£)

Average price - June 2017 (£)

% difference between June 2017 and 2007 prices



North West






North East






Yorkshire & the Humber






North West






North East






North East






Yorkshire & the Humber












North West






North East






North West












Yorkshire & the Humber






West Midlands






North West






North West






Yorkshire & the Humber




Biggest risers

House price recovery over the past 10 years has been much stronger in the South and East than the North of England. As you might expect, London’s house prices have outperformed any other UK town or city, with average prices more than two thirds or almost £200,000 higher than 2007 levels.

Cambridge house price growth is hot on the Capital’s heels. with average property prices now 64.5%, or more than £170,000, higher than average prices a decade ago, just before the global financial crisis.

Alex Gosling, CEO of online estate agents comments: "The last 10 years has been a golden period for many UK homeowners who have sat back and watched the value of their homes rise to record levels. Unfortunately, there are pockets of the UK where property prices have been literally stuck in the past. Many of these homeowners will have been in negative equity for a decade.

It must be galling for anyone who bought a property ten years ago, at the top of the market, and are sitting in a home that is still worth less today than it was when they bought it pre-2008. Worse still, any hope they have of drawing a line under their misfortune, and moving on, is most likely on pause as selling up would mean losing money. Finding the funds for a house deposit is difficult enough without having to cover losses on a house sale as well."

Join our mailing list:

Leave a comment

Latest Comments

Tony Gimple
Tony Gimple 09 Dec 2017

Linking professionalism to limited company borrowing is a flawed concept. Despite S24 etc., limited companies are the most tax inefficient way of running a property business and leave borrowers seriously...

view article
Evelyn Attwood
Evelyn Attwood 01 Dec 2017

It's normal. If you plan to buy a house in one of the most beautiful spots in the country you should pay a high price.

view article
Evelyn Attwood
Evelyn Attwood 01 Dec 2017

I think that the situation will be the same at December.

view article
Scott Garnet
Scott Garnet 06 Nov 2017

If you have a patio or a porch it is important to make sure that any connecting doors are secured. Good advice for sliding glass doors is replacing the panels with storm resistant glass and getting heavier...

view article
richardrawlings 01 Nov 2017

What has not been mentioned here is the effect of not only higher interest payments, but also that these payments are less likely to be offsettable as a business cost due to the scaling back of mortgage...

view article
Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

view article
maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

view article
maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

view article
zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

view article
Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

view article
Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

view article
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

view article

Related stories

More articles from Special Features