MOUSEPRICE.COM’S STREETS WITH THE
LARGEST PRICE FALLS
The latest research from Mouseprice.com reveals the top ten localities where prices have fallen the most over the last
year.
Interestingly, the greatest price falls are not connected with how expensive the relative locations are. Price falls have
not discriminated according to how much a property cost in the first place or how desirable an area was.
A clear theme has emerged, with the top ten areas dominated by northern city-centre regeneration sites. These areas
attracted the most Buy-to-Let investors during the boom and have recently suffered due to supply outstripping
demand. These regeneration sites usually take the form of new developments built on old brown field/ industrial sites
alongside canals or rivers. However, falls are not limited to regeneration areas and have also spread to some
unexpected locations.
SUMMARY TABLE
Average value
Rank
Name
Postcode sector
Oct. 2007
Oct. 2008
Annual price
change
No. of
properties
No. of
Transactions
since 2000
1
Birmingham Canal, Birmingham
B1 1
£
185,500
£
153,500
-17.3%
2,626
1,670
2
Deansgate, Manchester
M3 4
£
237,000
£
196,500
-17.1%
1,561
1,327
Erebus Drive, London
SE28 0
£
251,000
£
208,500
-16.9%
4,295
3,338
4
Elmwood Lane, Leeds
LS2 8
£
178,000
£
149,000
-16.3%
796
494
5
Millsands, Sheffield
S3 8
£
142,000
£
120,500
-15.1%
1,372
787
6
Lakenham, Norwich
NR1 3
£
165,000
£
140,500
-14.8%
2,474
812
7
Abbey Road, Barking
IG11 7
£
194,500
£
166,000
-14.7%
5,915
1,868
8
Dame Dorothy Street, Sunderland
SR6 0
£
153,000
£
132,000
-13.7%
2,664
1,107
9
Russell Road, London
NW9 6
£
305,000
£
266,000
-12.8%
2,585
869
10
Walton Hall Avenue, Liverpool
L9 6
£
99,500
£
87,000
-12.6%
1,610
542
3
The average values, number of properties and number of transactions in the table above, relate to the postcode sector
rather than the specific street. We have attached a name to each postcode sector; this is the name of the
street/locality where there has been the greatest number of instances where owners have sold at a loss. For further
details on methodology please see the notes at the end of this document.
BIRMINGHAM CANAL, B1
AREA
The area describes the apartment complexes alongside Birmingham Canal in the centre of Birmingham. Particular
developments include Centenary Plaza (Holliday Street), Qube (Edward Street) and King Edwards Wharf (Sheepcote
Street).
SYNOPSIS
This area is located in the west of Birmingham City Centre, close to busy roads and a railway station. Flats are the main
type of property here, and many of these are in new build developments. Centenary Plaza and King Edwards Wharf
were both constructed in 2003 – there are purchasers at these developments who have already crystallised losses
through re-sale at less than the price they originally paid.
ON SALE HERE
For Sale with: Dixons Estate Agents
Location: Centenary Plaza, 18 Holliday Street, Birmingham
Guide price: £70,000
Description: 1 bed Flat
http://www.mouseprice.com/PropertyDetails.aspx?PropertyTransactionID=241040
For Sale with: Dixons Estate Agents
Location: Sherborne Street, Birmingham, West Midlands, B16
Price: £89,500
Description: 1 bed Flat
http://www.mouseprice.com/PropertyDetails.aspx?PropertyTransactionID=226936
For Sale with: Dixons Estate Agents
Location: Post Box Development, Upper Marshall Street, Birmingham, West
Midlands, B1
Price: £124,950
Description: 2 bed Flat
http://www.mouseprice.com/PropertyDetails.aspx?PropertyTransactionID=226953
DEANSGATE, MANCHESTER
AREA
The location describes Deansgate and Lower Byrom Street, Manchester, M3.
SYNOPSIS
The Deansgate area is located in Central Manchester, close to the surrounding ring road. The area is close to the
Bridgewater Canal and the River Irwell. It is at the heart of the rejuvenated area to the west of Manchester City Centre.
The property in the area is predominantly made up of flats, with several new developments.
Some examples of new developments which have lost their values include: Quay 5 (Ordsall Lane), Rossetti Place (Lower
Byrom Street), and Deansgate Quay.
ON SALE HERE
For Sale with: Bridgfords
Location: Deansgate, Manchester
Price: £124,950
Description: 2 bed Flat
http://www.mouseprice.com/PropertyDetails.aspx?PropertyTransactionID=122894
For Sale with: Shepherd Gilmour Properties
Location: Rossetti Place, Lower Byrom Street, Manchester
Price: £235,000
Description: 2 bed Flat
http://www.mouseprice.com/PropertyDetails.aspx?PropertyTransactionID=119702
EREBUS DRIVE, LONDON, SE28 0
AREA
The location describes Erebus Drive and the area along the Thames to the north of Western Way, Thamesmead,
Greenwich, London, SE28 0.
SYNOPSIS
This area is located north of Western Way, next to the southern bank of the River Thames. This area typifies the brown
field regeneration of the Thames gateway. It has experienced a huge amount of development in recent years, with
many tower blocks of flats. Some good examples of new build development in the area are Tideslea Tower on Erebus
Drive (built in 2003) and the Tideslea Path developments (built in 2005) - many purchasers within these developments
have already sold at a loss.
ON SALE HERE
For Sale with: Redwood Estates
Location: Erebus Drive, West Thamesmead, London
Price: £235,000
Description: 2 bed Flat
http://www.mouseprice.com/PropertyDetails.aspx?PropertyTransactionID=118693
ELMWOOD LANE, LEEDS LS2 8
AREA
The location describes Elmwood Lane, Leeds, LS2 8
SYNOPSIS
Elmwood Lane is located close to the inner ring road, with many busy roads either side. The area is predominantly
made up of high rise blocks of flats, many within new developments. The area is home to the development called
Aspect 14 which has experienced significant price falls.
The area is very similar to a couple of other inner-city developments such as 125 Albion Street (LS2 8), 104 Concord
Street (LS2 7) and 110 North Point (LS2 7).
ON SALE HERE
For sale with: Jump
Location: Elmwood Lane, Leeds, LS2
Price: £131,995
Description: 2 bed Flat
http://www.mouseprice.com/PropertyDetails.aspx?PropertyTransactionID=115818
For sale with: Jump
Location: Concord Street, Leeds, LS2
Price: £125,000
Description: Studio Flat
http://www.mouseprice.com/PropertyDetails.aspx?PropertyTransactionID=115866
MILLSANDS, SHEFFIELD S3 8
AREA
The location describes Millsands in Sheffield, S3 8.
SYNOPSIS
Millsands is a street in Sheffield city centre located close to the River Don, next to Lady’s Bridge. The property in the
area consists mainly of flats, many of which are located in new build developments. Penistone House on Adelaide Lane
provides a good example of the type of property available in the area.
ON SALE HERE
For Sale with: Haybrook
Location: Redgrave, Millsands
Price: £134,950
Description: 2 bed Flat
http://www.mouseprice.com/PropertyDetails.aspx?PropertyTransactionID=202870
LAKENHAM, NORWICH NR1 3
AREA
Lakenham, Norwich, NR1 3- in particular Milton Close, Harford Street and Cyprus Street
SYNOPSIS
The Lakenham area is located in the south of Norwich, with the River Yare to the north east. The area contains a variety
of Victorian Terrace houses and converted flats and has a number of industrial buildings nearby. Examples of streets in
which property has sold for less than it was bought for here include: Milton Close, Harford Street and Cyprus Street.
ON SALE HERE
For Sale with: Abbotts Countrywide
Location: Harford Street, Norwich, NR1 3AY
Price: £139,950,
Details: 2 bed Terrace
http://www.mouseprice.com/PropertyDetails.aspx?PropertyTransactionID=158832
ABBEY ROAD, BARKING IG11 7
AREA
Abbey Road, Barking, London, IG11 7
SYNOPSIS
Abbey Road is situated in Barking, North East London, next to Barking Creek. The Thames can be found further south
and there are a number of industrial buildings nearby. The property in the area consists mainly of flats and terraces.
Hewetts Quay is a prime example of a new build development in the area where purchasers have made losses.
ON SALE HERE
For Sale with: Harbour Residential
Location: Hewetts Quay, 26-32 Abbey Road, Barking, IG11 7BD
Price: £189,995
Description: 2 bed Flat
http://www.mouseprice.com/PropertyDetails.aspx?PropertyTransactionID=243051
DAME DOROTHY STREET, SUNDERLAND
AREA
The Dame Dorothy Street area, also known as Monkwearmouth & Roker. Located on the north side of the Wear,
surrounding the University of Sunderland campus.
SYNOPSIS
The area around Dame Dorothy Street, is located to the north of the River Wear, close to the harbour. It also has the
Stadium of Light (home ground to Sunderland Football Club) and a railway line to the west. Property in the area
comprises terraces and flats in new developments, such as Bonners Raff off Dame Dorothy Street.
ON SALE HERE
For Sale with: Bairstow Eves Countrywide
Location: Bonners Raff, Chandlers Road, Sunderland, Tyne and Wear
Price: £370,000
Description: 3 bed Flat
http://www.mouseprice.com/PropertyDetails.aspx?PropertyTransactionID=215841
RUSSELL ROAD, LONDON, NW9
AREA
Russell Road/Wilberforce Road, London, NW9 6
SYNOPSIS
The Russell Road/Wilberforce Road area is situated in North West London. To the right of this area both a railway and
the busy M1 can be found. Additionally, there is an industrial estate located to the north. The type of property found in
this area varies, with a choice of both houses and flats.
ON SALE HERE
For Sale with: Bairstow eves
Location: Wilberforce Road, London, NW9
Price: £250,000
Description: 2 bed Flat
http://www.mouseprice.com/PropertyDetails.aspx?PropertyTransactionID=174591
WALTON HALL AVENUE, LIVERPOOL L9 6
AREA
The area north of Walton Hall Avenue, with Walton Hall Park to the West. Liverpool, L9 6
SYNOPSIS
The area north of Walton Hall Avenue is located in the north east of Liverpool. As well as the residential property,
industrial buildings can be found to the north on Charnock Road. There are examples of new residential property
nearby, with the development off Walton Hall Avenue (including Carlake Grove, built in 2006) being a perfect example.
ON SALE HERE
For Sale with: Entwistle Green
Location: Carlake Grove, Walton, Liverpool, Merseyside, L9
Price: £96,250
Description: 2 bed Flat
http://www.mouseprice.com/PropertyDetails.aspx?PropertyTransactionID=128036
NOTES TO EDITORS
ABOUT MOUSEPRICE.COM
Please attribute research to Mouseprice.com and include a link to http://www.mouseprice.com where appropriate.
Mouseprice.com is a property portal that also provides free home valuations on every property in the country.
Text within this document can be used as a quotation attributed to Selwyn Lim, Director of Mouseprice.com
Mouseprice.com could be described in the following ways:
"Analysis conducted by mouseprice.com, provider of free instant online valuation estimates for all residential properties
in England and Wales"
"Mouseprice.com is a source of property market information for home movers and nosey neighbours alike. The website
enables you to find out for free what properties in your area have sold for, an estimate of what they are worth and
contains statistics on how property prices have changed."
METHODOLOGY
The latest research from Mouseprice.com reveals the top ten localities where average values have fallen the most over
the last year. Average values are derived from the average AVM (automated valuation model) output for all properties
within the postcode sectors at the specific point in time. AVM technology uses a combination of actual sales and
surveyor data. Anecdotal evidence of areas with greater price falls can be misleading if it is based on either single
instances of repossession or cases where the owners have not yet sold (i.e. have yet to crystallise their losses).
This is a retrospective analysis that makes no prediction with regards to future price change.
PRESS ENQUIRIES
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require any property related information or comment, please feel free to contact us using the following details:
Zipporah Morrison Baker
Communications Manager
Mouseprice.com
156, Milligan Street
London
E14 8AS
Tel: 0207 538 8888
Email: [email protected]