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Where is the worst place to have bought a home in the UK this century?

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Where is the worst place to have bought a home in the UK this century?

New research has revealed the worst place to have bought a property in England and Wales since the turn of the century. At least, where resulting value is concerned.

The data from online estate agent, eMoov.co.uk, analysed figures from the Office of National Statistics charting the median house price across England and Wales by quarter since Q1 of 2000.  

Despite the majority of UK homeowners enjoying a consistent increase in property values since the start of the new millennium, not everyone has been so lucky.

The centre of Bolton is the only location of some 7,207 in England and Wales, that has seen a decrease in the average property value over this time period.

At the start of the new millennium, the average house price in the centre of Bolton was £77,202, just under £8,000 less than the UK average.

However, despite peaking at £105,608 in Q1 of 2008, the current average house price in the area has dropped -9% from the start of 2000, now at just £70,621 - considerably lower than the UK average of £221,254.

A -9% drop is a far cry from the growth change enjoyed by the rest of England and Wales, with homeowners, on average, seeing an increase of +172% since 2000. It is thought the high number of buy to let properties in Bolton is a driving factor behind the poorly performing property market, with buy to let investors driving down prices due to the purchase of multiple properties at a time.


However, the low demand for property in Bolton isn’t helping the property market either. eMoov’s latest National Hotspots Index found demand in Bolton as a whole is at just 28%, -13% less than the national average, placing the town well outside of the top 50 hottest spots (79th).

But it’s not all bad news. Of the 43 areas in the local authority of Bolton, the remaining 42 have all seen an increase in values over the last 16 years, 16 of which have actually enjoyed a higher increase than the average across England and Wales (+172%).

Russell Quirk, founder and CEO of eMoov.co.uk, commented: “This research will certainly come as bad news for homeowners in the centre of Bolton. Generally getting on the ladder is the safest investment one can make in England and Wales and it would seem that anywhere other than this particular area of Bolton, would have at least seen some sort of return on that investment.

It doesn’t seem like things will be improving anytime soon with low demand for property across Bolton as a whole likely to cool the local market even further. You have to feel for those that have seen the value of their property drop in Bolton, it’s almost the equivalent of everyone in the UK buying a lottery ticket and you being the only one that doesn’t hit the jackpot.”

Top 5 Worst Areas for Homeowners (2000-2015)

Local Authority name

MSOA Name

Q1-2000

Q2-2015

Price Change

% Increase

Bolton

Bolton 016

£77,202

£70,621

-£6,581

-9%

Leicester

Leicester 041

£90,766

£99,204

£8,437

+9%

Birmingham

Birmingham 050

£87,944

£111,999

£24,054

+27%

Leeds

Leeds 055

£76,313

£105,187

£28,874

+38%

Birmingham

Birmingham 138

£109,766

£155,663

£45,897

+42%

England and Wales

Average

£92,613

£256,309

£163,707

+172%

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Paul
Paul 25 May 2016

Estate agents are pathetic when it comes to fees. They have this 'I had to do it at 1% because that's what the others were quoting' mentality. We are the most expensive agents in our area, charging double...

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Johna
Johna 20 May 2016

"Easier said than done" is what I would say. Of course, it would be more than great to have more in quality and affordability, but I do not trust talk anymore.. What is said is not what is happening.

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Johna
Johna 20 May 2016

in my humble opinion being fair like THE most important! I myself have had bad experience with unfair landlords... not to mention that I know how to do a proper end of tenancy cleaning since I am a fantastic...

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richardrawlings
richardrawlings 18 May 2016

NB - even if we doubled our commission levels in the UK, we'd still be by far the cheapest agents in the entire world.

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Agent_PeeBee
Agent_PeeBee 18 May 2016

Clueless. Someone needs to take these people's computers away from them so they can do no more harm than they already have.

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richardrawlings
richardrawlings 18 May 2016

Nonsense! The cost of selling a house nowadays has little bearing on the fees charged. Don't believe your own spin on this. Fees have spiralled down to pathetic levels in areas where weak agents have allowed...

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Simon Oliver
Simon Oliver 16 May 2016

The best solution is to buy a property that has built-in income generating potential: a nice house with a couple of gites in the grounds is a good start. In France, the rune of thumb is that one 2-bedroomed...

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WPD
WPD 12 May 2016

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warren
warren 03 May 2016

It's enough to make me weep into my Pimm's :(

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james anderson 03 May 2016

The sad demise of the croquet lawn...

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