Properties shed a fifth of their value - Globrix
Thursday, 12, Mar 2009 03:55
Asking prices in a small number of UK towns and cities have fallen more than 20 per cent since September, according to Globrix.
Data collected by the property search engine found 16 UK towns and cities have seen properties shed a fifth of their value since September 2008, with Blackpool suffering the sharpest falls in asking prices, down 28 per cent in the past six months.
Daniel Lee, chief executive of Globrix, said: "Average UK asking prices are down by around 11 per cent since September of last year but the property slump has clearly hit some towns and cities more severely than others.
"Although, on the surface, these figures make grim reading, homeowners in these areas shouldn't panic. For many this will simply be a paper loss, so if possible they just need to sit tight.
"Sellers also need to remember that if their property has fallen in value by 20 per cent, the property they're looking to buy will almost certainly fallen in value as well, so the figure shouldn't be looked at in isolation."
The 16 UK towns and cities where prices have fallen by more than 20 per cent in the last six months, according to Globrix, are:
Blackpool
Kilmarnock
Hertford
Worksop
Kendal
Kidderminster
Bridgend
Lewes
Accrington
Exmouth
Telford Windsor
Burton-on-Trent
Shipley
Nuneaton
Scunthorpe