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RE-CLIMBING THE LADDER; The areas in the UK where properties have surpassed their pre-financial crash value.

Byline: ALICE CACHIA

UYING a home is more Bexpensive than ever - as most parts of the UK have fully recovered from the financial crash of a decade ago.

remain House prices plummeted in the wake of the meltdown, which started in December 2007 - with some experts claiming property prices would never recover.

But data shows that wasn't the case, with a rapid if steady recovery which has recently gathered pace. Buying a home in the year to October cheapest 2017 cost an average of PS223,807 across the UK - more than PS34,000 more than the PS189,589 it would have cost in 2007.

England has seen the most complete recovery, driven by the ever-buoyant property market in London and the south east.

The data shows homes in England are now PS69,000 more expensive than they were in 2007.

That compares with just PS4,000 in Wales and PS3,000 in Scotland.

Only Northern Ireland is yet to recover, with house-prices still an eye-watering PS82,000 lower than in 2007.

England, Wales and Scotland were all hit equally hard by the global recession.

In the year to October 2007, a property in England cost PS195,000 on average, but by 2008, that had dropped to just PS168,000.

And the average value of a home in Wales fell from PS140,000 in 2007 to PSNorthern Ireland UK country with prices lower the financial PS130,000 the following year.

Recovery in Wales took longer, with the average price of a home still standing at just PS133,000 as late as 2010.

In the seven years following, Welsh properties have risen by a further PS11,000.

is the only property than before crash

CAPTION(S):

Northern Ireland is the only UK country with property prices lower than before the financial crash

Terraced houses remain the cheapest properties to buy

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Publication:South Wales Echo (Cardiff, Wales)
Geographic Code:4EUUK
Date:May 24, 2018
Words:308
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