Four of 2018’s top 10 house price losers are in the UK capital
- Four of the top 10 house price losers are Greater London authorities
- Scotland and Wales amongst the winners
- Middlesbrough was hit hardest with houses losing 6% in value since 2017
- Ashford and Livingston top the winners table with house price increases three times the UK average
Towns and cities in London and the South East saw the biggest house price drops in 2018, according to new research by Halifax.
Whilst Middlesbrough claimed last place, losing 6% in value over the year (£8,920), 14 of the top 20 house price losers were in towns in London and the South East. Houses in Aylesbury in Buckinghamshire dropped 5% in value whilst towns like Watford, Romford and Havering, all based around London, saw a 2% decrease in value in 2018.
Blackburn (4%), Ipswich (3%), St Helens (3%), Lincoln (3%) and Doncaster (2%) were the only other towns outside of London and the South East to be included in the 20 biggest losers.
Scotland and Wales amongst the winners
The majority of top performers were comprised of towns in Scotland, Wales, and North and central England. Ashford and Livingston both saw house price increases of 10.5%, or three times the national average, placing them top of the winners table. Scotland was also represented by Edinburgh, which has seen house prices grow 8.6% this year. Bridgend and Cardiff in Southern Wales saw increases of 8.3% and 7.5% respectively, whilst towns like Warrington (7.8%), Stockport (6.8%) and Leeds (6.1%) represent the North.
Just last year, 15 of the top 20 house price performers were based in London and Southern England. This year, just five make the list, and none of these are based in London. Alongside Ashford, fellow southern towns Reading (9.5%), Maidstone (6.9%), Dagenham (6%) and Basingstoke (5.8%) made the grade.
All towns in the top 20 list outperformed the national average of 3.3% increase since 2017.
Russell Galley, Managing Director, Halifax, said: “This year marks a significant shift away from the traditional dominance of London and the South in our annual house price table, with other locations now filling the top 20 spots.
“Scotland and Wales are well represented, with the Scottish town of Livingston sharing top spot and Bridgend in Wales taking fifth place. Towns in East Anglia, West Midlands, the North West and Yorkshire and the Humber also feature prominently, showing that solid investments can be found away from the capital.”
London lagging
In fact, properties within Greater London suffered worst in 2018 with four local authorities making up the top 10 losers. Houses in Greenwich (-3%), Sutton (-3%), Harrow (-2%), and Kingston-upon-Thames (-2%) all saw property prices slide.
Russell Galley added: “The majority of towns in which house prices have dropped in the last year are situated within in Greater London, marking a dramatic turnaround in fortunes.
‘’It is well documented that house prices in many areas of London are experiencing challenging conditions following very strong historic price growth. The large deposits required for London homes , a weak relative supply of housing and of course the current economic uncertainty will all have played a part in 2018.”
House price growth in cash terms over £20,000 in four UK towns
The average house price in four towns across the UK has increased by over £20,000. In Ashford, the average house price has increased by £29,983 since 2017. Solihull sits second on the list in terms of growth in real cash at £23,772, followed by Edinburgh (£21,029) and Maidstone (£20,870).
Price falls
Of all towns included in the analysis, 25 recorded declines in house prices in 2018, with the largest fall in Aylesbury from £328,136 in 2017 to £311,186 in 2018 (-£16,950).
The next four biggest losers in cash terms fall within the Greater London area. Harrow (£13,530), Kingston-upon-Thames (£12,532), Greenwich (£11,906) and Sutton (£10,787) all lost over £10,000 in value in 2018.
Table 1: 20 towns with biggest decrease in average house prices, 2017-2018 (LA – Local Authority)
| Town/Area | Region | Average House Price £ (2016)* | Average House Price £ (2017)* | Change £ | Change % |
| Middlesbrough | North | 149,543 | 140,623 | – 8,920 | -6% |
| Aylesbury | South East | 328,136 | 311,186 | – 16,950 | -5% |
| Blackburn | North West | 133,701 | 128,432 | – 5,269 | -4% |
| Ipswich | East Anglia | 253,300 | 245,736 | – 7,565 | -3% |
| St Helens | North West | 142,701 | 138,706 | – 3,995 | -3% |
| Lincoln | East Midlands | 196,908 | 191,472 | – 5,436 | -3% |
| Greenwich (LA) | Greater London | 442,123 | 430,216 | – 11,906 | -3% |
| Sutton (LA) | Greater London | 426,572 | 415,785 | – 10,787 | -3% |
| Harrow (LA) | Greater London | 548,391 | 534,861 | – 13,530 | -2% |
| Kingston upon Thames (LA) | Greater London | 527,926 | 515,394 | – 12,532 | -2% |
| Watford | South East | 406,006 | 397,253 | – 8,753 | -2% |
| Romford | South East | 359,559 | 351,878 | – 7,681 | -2% |
| Havering (LA) | Greater London | 375,430 | 367,803 | – 7,627 | -2% |
| Doncaster | Yorkshire and the Humber | 148,701 | 146,016 | – 2,685 | -2% |
| Bromley (LA) | Greater London | 480,851 | 473,862 | – 6,989 | -1% |
| Ilford | South East | 445,845 | 439,595 | – 6,250 | -1% |
| High Wycombe | South East | 372,669 | 369,318 | – 3,351 | -1% |
| Hounslow (LA) | Greater London | 438,036 | 435,522 | – 2,515 | -1% |
| Croydon (LA) | Greater London | 407,030 | 405,009 | – 2,021 | 0% |
| Redbridge (LA) | Greater London | 474,692 | 472,734 | – 1,959 | 0% |
| United Kingdom | 252,381 | 260,813 | 8,432 | 3% |
Source: Halifax (*12months to November)
Table 2: Top 20 towns with biggest increase in average house prices, 2017-2018
| Town/Area | Region | Average House Price £ (2016)* | Average House Price £ (2017)* |
Change £ | Change % |
| Ashford (Kent) | South East | 286,582 | 316,565 | 29,983 | 10.5% |
| Livingston | Scotland | 163,903 | 181,078 | 17,175 | 10.5% |
| Reading | South East | 382,440 | 418,919 | 36,478 | 9.5% |
| Edinburgh | Scotland | 245,249 | 266,278 | 21,029 | 8.6% |
| Bridgend | Wales | 159,958 | 173,305 | 13,347 | 8.3% |
| Warrington | North West | 185,241 | 199,661 | 14,420 | 7.8% |
| Coventry | West Midlands | 208,097 | 223,902 | 15,805 | 7.6% |
| Cardiff | Wales | 224,614 | 241,406 | 16,792 | 7.5% |
| Worcester | West Midlands | 232,371 | 249,183 | 16,811 | 7.2% |
| Solihull | West Midlands |
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