Argyll & Bute property market over the last 10 years.
We’ve put together a summary of how property prices in the Argyll & Bute property market have fared over the last ten years. (Click on image to enlarge)
The main thing to note is that we are yet to return to our pre-crash high water mark of £168,049, achieved in Q2 2007 just before the global property market crash. Although prices in Oban and the surrounding area didn’t fall away too badly in the months and years since 2007, we’re still not back to where we have been previously.
This is is stark contrast to many other parts in the UK which have reached (and exceed) their previously achieved highs. The average prices in places such as London and Cambridge are in excess of 40% higher than the pre-crash peak. The South Coast of England seems to be doing fairly well with prices in places such as Bournemouth, Portsmouth, Southampton around 10% higher than the pre crash levels. This is worlds apart from the property market in Belfast where prices are still some 40% below their pre-crash peak.
Even places that are geographically very close can have very disparate markets, for example prices in Bristol are +17.6% higher than the pre-crash peak, whereas Cardiff – just 22 miles across the water – is a mere +2.4% above their pre-crash peak.
Closer to home, average prices in Aberdeenshire reached 23% higher than where they were in 2007, however the last few months have shown quite a steep decline most likely on account of the recent instability with oil prices which has a strong influence on house prices there.
If the Argyll & Bute property market had performed the same as Cambridge for example, our average price would be a heady £246,360. In actual fact, the average house price in Argyll and Bute for the last reported quarter was £146,746, down £21,303 or -12.7% versus the record high.
In summary, this is a good reminder that not all property markets in the UK are equal, and it is important not to take UK-wide property market headlines (good or bad!) and assume they are applicable in our wee corner of the globe!