Land Registry data for Feb 2014

I have uploaded the Land Registry house price data to doogal.co.uk.

There’s been a lot of talk in the press recently about there being a two speed housing market, London and the rest of the UK. You can see this illustrated fairly clearly if you first look at house prices in Blackburn then compare them with prices in West London.

Prices in Blackburn can be broken into three distinct periods. Prior to 2003, they were gently rising, probably in line with wage increases. Then in 2003 things went ballistic (I’m not sure of the trigger for that, although I’d guess it was easier access to mortgages). 5 years later in 2008, things ground to a halt, sales fell of a cliff and prices have been flat-lining ever since.

But look at West London and the only similarity is that sales volumes dropped off rapidly in 2008, but you’d never know that there was a financial crisis at all. Houses have been a one way bet for nearly 20 years. You’ve got to wonder how long it can go on.