Calderdale House Price Index – April 2018
We have extracted some information from the Governments UK House Price Index database so that we can see what is happening in and around Calderdale. The data is based on the average selling price which is indexed with 1995 being taken as the start year and 100.
In January 2005 the last housing market boom was well underway and as can be seen, prices continued to rise until early 2008 at which point the market collapsed and both prices and transaction volumes fell. There was then a period of four years when the market ‘bumped along the bottom’ before a slow but steady recovery began around 2013 to 2014.
The recovery for the UK as a whole began around 2010 but this is because of the early recovery in London and South East markets which have seen a strong recovery and very significant price rises over the past decade. But that recovery now seems to have burnt out and price rises in those areas have all but ceased.
In the North of the country the Manchester market has recovered strongly since 2013 and the pull effect from Manchester is no doubt one of the causes of the locally strong market in the Ripponden area, which is Manchester commuter belt. Similarly the Leeds recovery and economic growth has helped the commuter belt, based on the other side of the HX postcodes. In January 2005, 2009 and 2013 the index figure was close to 100. From 2013 it has taken off as there has been a steady rise in average selling prices in the Calderdale area. But although Calderdale is now well above the 2005 level, it has only recently nosed past the prices achieved in the 2008 peak year. Since 2008 interest rates have fallen significantly, wages have grown and the economy has grown. So the indications seem to be that the North is now catching up again with the South and there is reason to think that the market has some way still to go.