Birmingham Canal Flats Fall

Residential flats in city centres

Often in newly built apartment blocks and alongside canals or rivers or on former brownfield sites – top a list of 10 areas in England and Wales with the largest annual fall in property prices.

A new survey suggests flats in the Birmingham Canal development have taken the biggest price hit. It’s estimated there’s been a 17.3 per cent fall making £153,500 the average price of a flat there today.

The Brum fall is followed by Deansgate Manchester where property has fallen 17.1 per cent and where the average price today is £196,500. Third biggest faller is Erebus Drive Thamesmead London (average price today £208,500, 16.9% drop) fourth is Elmwood Lane Leeds (£149,000, 16.3%) and fifth Millsands Sheffield (£120,500, 15.1 %).

Lakenham Norwich is sixth (average price today £140,500, 14.8% drop) seventh Abbey Road Barking London (£166,000, 14.7%) eighth Dame Dorothy Street Sunderland (£132,000, 13.7%) ninth Russell Road London NW9 (£ 266,000, 12.8%) and tenth Walton Hall Avenue Liverpool (£87,000, 12.6%).

The survey was conducted by Mouseprice.com based on Land Registry sale price statistics and updated with valuation data gathered from surveyors.

The survey indicated that the areas most hit had attracted buy-to-let investors some of whom had offloaded causing supply to outstrip demand. In collating the figures the average values were narrowed to postcodes using an automated system. Streets where the highest number of properties sold at a loss were then identified within the areas.

The survey quotes a recently married first time buyer in Birmingham Canal who paid £185,000 for a two-bedroom flat in February now worth £153,500. They spent £675 a month on rent but had secured a five-year 5.5% fixed rate mortgage with a 5% deposit. They liked the location near the railway station, gym, bars, restaurants and shops.