The worst places to have bought a house this century
As house prices soar in some places, newly released data from the Office for National Statistics has shown that other areas have failed to keep up with the UK average – and the lack of demand is set to impact property owners further in the future.
When buying a house, we often don’t just see the purchase as a way to put down roots and get out of the rent cycle, but also as an investment. Many UK home buyers have seen a huge surge in the value of their homes during the 2000s – allowing them to eye more expensive properties in the future. This social mobility is a key factor in allowing for a comfortable life and retirement, as well as allowing parents to provide an inheritance for their children.
For some, however, the dream of profiting from a house sale has ebbed away as they realise that the area within which they have bought has failed to follow the national average for inflation. With some areas affected more than others, a recent survey by eMoov based on data from the Office for National Statistics has pinpointed those worst hit.
After analysing thousands of locations, the online estate agency has found that the worst place to have bought since the year 2000 is the city centre of Bolton, where properties have not only failed to increase in value, but prices are currently 9.1% lower today than they were 15 years ago, making the chance of a quick house sale an unachievable dream for those looking to escape.
“You have to feel for those that have seen the value of their property drop in Bolton,” said Russell Quirk, founder and CEO of eMoov.co.uk. “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.”
This news is even more shocking when compared to the 172% average rise enjoyed across the rest of the UK. Even other badly-performing areas saw at least a small gain in value. For example, Leicester came second from bottom in the survey, but still saw a 9% increase.
With Liverpool, Leeds and Birmingham also performing worse than expected, it appears that those in city centre locations within the north-west are the worst affected, and as a result are finding it harder to find a buyer willing to purchase their homes. There are however other options for those looking to sell their home fast, with property buying companies who will buy any home for cash at competitive prices without the need for estate agent fees or the delays associated with chains.
Are you worried that you won’t be able to sell your house? Why not avoid the stress and get a quick sale for cash? National Homebuyers will buy any house – so call 08000 443 911 or request a call back to find out how much you could get for your property.
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