Hartlepool property prices have dropped by £10,000 on average since 2009

The drop in Hartlepool is in stark contrast to the picture nationally.
The drop in Hartlepool is in stark contrast to the picture nationally.

House prices in Hartlepool have dropped by an average of almost £10,000 in the last eight years, according to figures released today.

According to research carried out by online estate agents HouseSimple.com, the average price of a property in the town in April this year was £100,291.

That is down from £110,231 in April 2009 - a drop of 9%.

The figure for Hartlepool is in stark contrast to the national picture.

In Cambridge, property prices have risen by 96.7% in the same period, while London has seen a 90.8% increase.

The average price in the UK has grown by 41.2% since March 2009, when the Bank of England dropped interest rates to 0.5%. The rates were reduced further to 0.25% in August 2016.

Those trends could soon come to an end, though, with three members of the Bank of England's Monetary Policy Committee (MPC) voting for an interest rate rise in June, and inflation steadily rising.

The figures compiled by HouseSimple looked into 100 UK towns and cities, and showed that the south east of the country has fared particularly well since 2009.

However, as well as Hartlepool, there have been other drops in the North East, with the average property price in Durham falling by 6.2%, from £102,003 to £95,638.

Middlesbrough also saw a drop, with average prices falling by 4.5%, from £118,605 to £113,285.

On the national picture, Alex Gosling, CEO of HouseSimple.com, said: “While UK savers have suffered over the past eight years, millions of homeowners have increased their equity in their homes substantially in this once-in-a-generation low interest rate environment.

"It’s been a golden period for UK homeowners, but there are signs that it could be coming to an end as the MPC narrowly voted to hold interest rates at 0.25%.

“House prices are also under pressure from the political and economic uncertainty of Brexit and the fallout from the disastrous General Election result for the Conservative Party.

"There is no evidence to suggest that property prices are about to plummet, but homeowners and home buyers do need to plan ahead, and make sure they can cover the impact of interest rate rises on their monthly mortgage payments.

“Many homeowners will have never seen an interest rate rise, and may believe rates will never rise.

"But they will eventually, and when they do, we could see rates rise by 1%-2% quite quickly.

"With many households already feeling the strain of higher day-to-day costs, monthly mortgage payments going up by several hundred pounds a month could tip them over the edge.”

House Simple analysed data from the UK House Price Index (HPI), which uses house sales data from the HM Land Registry data