While widespread fears of a current market downturn are yet to materialise, some areas of the UK property market are still yet to recover from the last property market crash, according to analysis by eXp UK.

The network of personal estate agents examined house price data since July 2009, when the 2008 recession technically ended, and adjusted for inflation to reveal where has been the best (and worst) places to have bought a home in that time.

The research shows that since July 2009, the property market has rebounded at an incredible rate, with the average UK house price climbing by 81.2%. Even after adjusting for inflation, UK house prices have increased by 28.9% – a £65,990 jump in value.
London has seen the largest uplift after adjusting for inflation, with house prices up 48.7%, followed by the East of England (45%) and South East (42%).

However, not every area has seen a return to health. In Northern Ireland, the average value of a home has increased by 23.5% since July 2009, but after adjusting for inflation, the nation has actually seen a drop of 12.1% in property values.
The North East has also yet to recover, with inflation adjusted house price growth down 3.7%, while in Scotland house prices have remained flat, increasing by just £71 once adjusting for inflation.

It’s a similar story at a more localised level, with London dominating the top 10 areas to have enjoyed the largest rates of house price growth since the last market crash. In Waltham Forest, inflation-adjusted house price growth sits at a notable 83.2%, followed by the City of London at 81.6%, with Hastings the best performing area outside of the capital, up by 71.4%.

However, eXp UK’s research shows that as many as 35 areas are yet to recover once adjusting for inflation.

Aberdeen ranks as the worst place to have bought a home since the last property market crash, with house prices down 37.5% once adjusting for inflation. Ards and North Down (17.5%) and Belfast (16.4%) also rank within the top three.

While the majority of these locations are found across Scotland and Northern Ireland, 13 are located within England. In Middlesbrough, inflation-adjusted house price growth sits at -9.5%, while County Durham, Hartlepool, Sunderland, Gateshead, Darlington, Blackpool, Allerdale, Preston, Richmondshire, Stockton-on-Tees and Redcar and Cleveland are also yet to recover.