Property Wire recently announced that “annual price growth in the 12 months to August 2018 fell to 2% from 2.5% in July and month on a month values were down by 0.5%, the biggest monthly fall since July 2012”. For this edition we wanted to look closer into this statement to see what our property data was telling us about average property prices.
The average property value was £214k in August. Comparing this to the average asking price of sale listings on the property market today, it paints an interesting picture:
- 88 postcode areas, representing 75% of the households in the UK, have asking prices greater than £214k.
- 29 of them have an asking price more than twice the UK average value.
- The area with the highest current asking price in the UK is West London at £1.4 million, over 6 times the average property value.
Here is a visualisation of how each area compares to the average property value, with red having a lower asking price and green having higher:
Looking at the areas immediately above and below the £214k threshold, we have Stoke-on-Trent with an average asking price of £211k and Cardiff at £216k. Here are the market statistics for these two areas:
Here are the top 3 and bottom 3 districts from each area in terms of average asking price:
We can see the distribution of asking prices in Cardiff is much more broad than in Stoke-on-Trent.
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