House prices: the 10 worst performing streets

Nowhere in the country has been immune from the housing market slump, but owners of city centre flats are suffering more than most, according to research by property website mouseprice.com. A survey indicating the 10 streets in England and Wales with the biggest annual falls in property prices is dominated by those full of new-build flats. These were snapped up by buy-to-let investors in the boom years who have since tried to sell up.

A spokesman said: "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 attracted the most buy-to-let investors during the boom and have recently suffered due to supply outstripping demand."

Here are the ten streets in England and Wales which have seen the biggest price drops.

Area	Average value in Oct 2007	Average value in Oct 2008	Annual price change
Birmingham Canal, Birmingham	£185,500	£153,500	-17.3%
Deansgate, Manchester	£237,000	£196,500	-17.1%
Erebus Drive, London	£251,000	£208,500	-16.9%
Elmwood Lane, Leeds	£178,000	£149,000	-16.3%
Millsands, Sheffield	£142,000	£120,500	-15.1%
Lakenham, Norwich	£165,000	£140,500	-14.8%
Abbey Road, Barking	£194,500	£166,000	-14.7%
Dame Dorothy St, Sunderland	£153,000	£132,000	-13.7%
Russell Road, London	£305,000	£266,000	-12.8%
Walton Hall Ave, Liverpool	£99,500	£87,000	-12.6%

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Comments

[Paul]

It was obvious when these places were built that they would end up as tomorrow's slums. I hope that no councils consider buying them until the prices have fallen at least 75% from peak.

[Gary]

I'm not sure where you get your figures from but they are way out for what people are buying property on Deansgate, Manchester. You can add another 20% to the price reductions.

[Celina]

I'm sorry, but anyone who buys a property on a road called Erebus Drive deserves everything they get. Have they no knowledge of history??

[Sy]

Celina
According to Streetmap, Erebus Drive doesn't even exist.

And there are at least a dozen Russell Rds in London - can The Times narrow it down for us please.

[Tim]

What rubbish. The 'statistics' are so far out of touch with reality-even prime central London is down 25%. These percentage 'facts' are always delivered way behind the market and are consequently completely inaccurate-the true picture is far worse.

[yumin]

wow.. I think buying properties in the uk as a foreigner would be cool. no boundary against foreginer's purchasing is the main attraction I got from the uk. I'm planning to live in the uk after my medical college ends..

From South Korea.

[Tom]

I like lists of things, it is the only way i like to receive information. more please!

[Georgie]

Celina I think you mean mythology, not history. But I get your point.

[Jimmy]

The average price drop is now over 13%. So the 9th and 10th 'worst streets' are dropping less than the national average?

[Daniel]

As somoen priced out for a decade Id like to point out a glaring error. Shouldnt this be called 'the best ten performing streets?'
And anyway, its a crock. If you look on certain websites, you will see mnay many properties with reduction after reduction, which have 50% off. I wont be buying until they return to 2000 prices. Which, {as ive been saying for 7 years!} They will.

[James]

I live on Erebus Drive. I quite like it here, it has one of the best river-fronts in the whole of London, I commute to work by boat, and it has a cool name too. The reason it doesn't appear on some older maps because its only 3-4 years old. The area does need better transportation links.

[Minnie]

Interesting that a list of house price falls in England and Wales only lists house price fall in England...

[Frank Upton]

Only five of the top ten are in the North. I don't call that 'dominating' the list.

[Jon]

Erebus Drive is next to the Royal Arsenal site in Woolwich, London. Areas is one of the areas sold as 'on the up'. Woolwich is grim. No amount of investment/transport links will make property as valuable as nearby Greenwich, but the developers have been asking for them.

[Jack]

I know this survey only applies to England and Wales, but I could point you to several Belfast streets where the falls are even bigger and better than every one of those listed above! As a potential first time buyer, I am sitting back rubbing my hands in glee at all these falls. There is no property gloom as far as I am concerned, the gloom lifted as the crash begun! Long may it REIGN!

[Jack]

Re ten streets in England and Wales which have seen the biggest price drops:

Erebus Drive, London does not exist;
There are 23 Russell Roads in London - which one?

[Rod]

The above statistics does not tell the real picture from the street price. The situation is dire but pricing is still not at their real economic value. Buyers will continue to drive for harder baragins or just stop buying for the next 2-3 years.Developers and sellers continue to live in their own cocoon and have no other strategy but to keep prices still artificially high.Time will tell who the real winners are in the new economy but do understand that this meltdown is like none others before.

[OZ]

Don't even dream of buying for another 12-18 months !

[Basil Bell]

I wont be buying until houses are being given away with a packet of cornflakes!! Why would I when I can pay £1500 a month in rent. And another thing Mr Ross and Mr Brand killed my cat! Humbug!

[realist]

well, 1st i feel sorry for those who have been caught out, it is sad if just because through no fault of our own corupt goverments like the usa want to furnish their own pockets before ensuring that the stability of their countries financial market, they should be ashamed! secondly this is only because newsmakers have nothing better to hip up and ensure that a depression happens, who are you all sheep? wake you dozie bunch of sleeping sheep!!!

[Danny]

I will not be buying until they return to 2000 prices. Instead of these economists attempting to speculate what amount house prices will drop by. 35%. 50%
They should ask themselves a more fundamental question.
Why are house prices in freefall?
Obviously because the market cannot survive without FTB's.
So isnt the real question, when will FTB's return to the market?
As a FTB, I can tell you.
I wont be uying until they return to 2000 prices. And as someone who has been priced out for a decade, that is the general consenus amongst everyone else in my situation.

[basil bell]

Looks like its your mums back bedroom for you and your lucky partner then Danny.

[james]

Interesting reading the comments on the Woolwich Arsenal which isn't far from Erebus Drive. Wasn't this the development repeatedly given glowing reports by a certain journalist in a London specific newspaper property section who had invested in the development himself? I visited the place a few years ago, it had been beautifully converted but the transport links and surrounding area were shoddy. One of the staff there said that many footballers had invested there. I wonder who they were. My interest waned after that.

[Dave]

The market will fall at least another 30% to 50% in my opinion.

Now that banks won’t lend 100% mortgages anymore, there will be fewer and fewer first time buyers entering the market because not many young people can or will save a deposit these days. Also we are in a recession now and there is mass unemployment on the horizon, so sadly lots of repossessions. Dear-o-dear, what a mess this government has created. Remember people, Gordon Brown when chancellor, is the cause of all this mess, not our savior. General election ASAP please.

[AJ Kern]

"being given away with a packet of cornflakes!!" I've got a term tracker @ 0.39% over BoE Base Rate from C&G. It is like living mortgage free. And if that doesn't make you jealous I live on Southampton Waterfront overlooking the cruise ships. Free fireworks, displays for the QE2 last week. Life is GOOD.