The latest statistical release from the Office of National Statistics shows that house prices in Swindon continue to race ahead of earnings. Prior to the credit crunch and the housing crash the price of lower quartile homes reached a peak of 7.28 times lower quartile earnings. As a result of the crash, prices dropped considerably. In 2010 the price of a lower quartile property was on average £120,000. By 2014 it was only slightly higher, but the two years after that saw a steep rise to £150,500 in 2016. The price was 7.20 times earnings, higher than the previous peak of 7.14 times earnings in 2008. At these levels low earners have no chance of getting a mortgage for even the cheapest properties. More
March 20, 2017
July 3, 2015
The latest ONS (Office of National Statistics) statistics for house prices in local authority areas show the median (middle point) house price for Swindon in 2014 surpassed the highest previous level reached in 2007 before the housing crash. It was £165,000 compared to its post-crash low of £147,000. Detached dwellings now have a median price of £250,000, semi-detached homes £181,000, terraced houses £142,000. The only exception, not having nearly reached or surpassed the previous highs, are maisonettes and flats. They were at £109,500 in 2014, still well below their 2007 high point of £138,000. This may well reflect the change in the composition of new build with a higher percentage of flats built than previously.
When the crash came in 2007/8 there was a precipitous decline in sales. In Swindon in 2007 there were 6,506 domestic property sales, nearly 8% of properties in the town. In 2008 it fell to 3,113. For the next 4 years sales remained below 3,000 a year. By 2014 they had risen to 4,010, or just 4.3% of properties in the expanding town. More