MOUSEPRICE.COM’S MOST AFFORDABLE STREET RANKINGS 2010 CONTENTS National Report .................................................................................................................................................................... 3 How have these streets been identified? ......................................................................................................................... 4 Average price value of the top 10 streets in each region ............................................................................................. 4 The East ................................................................................................................................................................................ 5 East Midlands ........................................................................................................................................................................ 6 Greater London ..................................................................................................................................................................... 7 THe North East ...................................................................................................................................................................... 8 The North West .................................................................................................................................................................... 9 The South East .................................................................................................................................................................... 10 The South West................................................................................................................................................................... 11 Wales .................................................................................................................................................................................. 12 The West Midlands ............................................................................................................................................................. 13 Yorkshire and the Humber .................................................................................................................................................. 14 Notes to Editors .................................................................................................................................................................. 15 Ranking method .............................................................................................................................................................. 15 About Mouseprice.com .................................................................................................................................................. 15 Press Enquiries…………………………………………………………………………………………………………………………………………………………….. 16 NATIONAL REPORT Rank Street Locality Postcode Average Value Region 1 Fernhill Mountain Ash CF45 £28,600 Wales 2 Oxford Street Brierfield BB9 £32,800 North West 3 Ann Street South Bank TS6 £32,900 North East 4 Edward Street South Bank TS6 £34,200 North East 5 Scarborough Street Middlesbrough TS6 £34,400 North East 6 Redcar Road Middlesbrough TS6 £34,400 North East 7 Victoria Street South Bank TS6 £35,600 North East 8 Wood Street Burnley BB10 £35,700 North West 9 Elmwood Street Burnley BB11 £35,800 North West 10 Altham Street Burnley BB10 £35,900 North West 11 Dan Yr Heol Aberdare CF44 £36,000 Wales 12 Spencer Street Burnley BB10 £36,400 North West 13 Thorgam Court Grimsby DN31 £36,400 Yorkshire & the Humber 14 Wellington Walk Washington NE37 £36,500 North East 15 Craven Street Brierfield BB9 £36,700 North West 16 Hurtley Street Burnley BB10 £37,000 North West 17 Binswood Close Coventry CV2 £37,300 West Midlands 18 Colville Street Burnley BB10 £37,700 North West 19 King Street Middlesbrough TS6 £37,700 North East 20 Morrison Avenue Maltby S66 £37,800 Yorkshire & the Humber The Mouseprice Most Affordable Street Rankings 2010 can today reveal that the street with the lowest average property value in England and Wales is Fernhill, CF45, which is located north of Cardiff in Wales and has an average value of £28,600. Fernhill has held on to the top spot for the second year in a row, as a result of recent low sales. The average value of property in this road has increased from last year, when the figure stood at £24,640. Second place goes to Oxford Street, BB9, with an average value of £32,800. This road in the North West was at number 6 last year, with an average value of £30,600. Oxford Street is located a short distance from Brierfield railway station and the M65. The third most affordable street in England and Wales is Ann Street, TS6, in east Middlesbrough. The road has an average property value of £32,900. Despite this low figure, the value has actually risen from £26,910 in last year’s report, when the street ranked at number 5. Ann Street is located in the South Bank area, south of the River Tees and was also ranked at number 5 in the 2008 report. The North East and the North West heavily dominate the rankings, with three quarters of the most affordable streets appearing in these 2 regions. 8 of the streets are located in the North West, while 7 are in the North East. The other regions that appear on the list include Yorkshire & the Humber, which appears twice, Wales, which is also listed twice and the West Midlands, which makes one appearance at number 17. Evidently, the North-South divide still exists, as none of the southern regions make an appearance in the report. All of the streets which featured in last year’s national report (7 out of the 20) experienced small increases in value. This list may include properties in streets which have not sold in normal free market conditions, such as ‘right to buy’ and compulsory purchase schemes or areas already subject to demolition and regeneration. HOW HAVE THESE STREETS BEEN IDENTIFIED? Property information providers, Mouseprice.com, have used Land Registry price paid data to calculate current average property values for every street in England and Wales. The average property values are based upon previous transaction data and indexation calculations. The Land Registry dataset includes all properties sold since April 2000. In certain circumstances, these lists may include properties in streets which have not sold in normal free market conditions, such as ‘right to buy’ and compulsory purchase schemes or areas already subject to regeneration and or demolition. Similarly, since values are calculated using previous transaction price data, value added through home improvement spend or area regeneration since the last transaction on each property will not be reflected in the average property price for each street. For further information about Mouseprice.com please consult the notes section of this document, or visit http://www.mouseprice.com The property opposite is currently for sale in Elmwood Street in Burnley (number 9 in the rankings) with the Independent Mortgage Company. AVERAGE PRICE VALUE OF THE TOP 10 STREETS IN EACH REGION The data below lists the average property values of the top 10 streets in each region. The data shows that the North East is the most affordable region in England and Wales, with the 10 least expensive streets here displaying an average value of £36,050. As in previous years, there is a clear North/South divide, with northern areas displaying lower property prices than those in the south. However, it is interesting to note that the South East has risen in the rankings from last year’s number 7 to this year’s 5th place. Additionally, every region’s average has risen from last year. Another interesting observation is that the average of the top 10 most affordable streets in Greater London is above £100,000. This was not the case last year, when the average was £99,740. Rank Region Average of top 10 streets 1 North East £36,050 2 North West £36,430 3 Wales £39,980 4 Yorkshire & the Humber £40,770 5 South East £45,320 6 West Midlands £46,390 7 East Midlands £48,080 8 East £54,700 9 South West £67,020 10 Greater London £101,140 THE EAST Rank Street Locality Postcode Average Value 1 Riley Avenue Jaywick CO15 £49,000 2 Austin Avenue Jaywick CO15 £49,700 3 Bentley Avenue Jaywick CO15 £50,800 4 Sunbeam Avenue Jaywick CO15 £51,200 5 Brooklands Jaywick CO15 £52,000 6 Humber Avenue Jaywick CO15 £56,600 7 Hillman Avenue Jaywick CO15 £56,800 8 Brooklands Gardens Jaywick CO15 £58,200 9 Tilton Court Welland PE1 £61,200 10 Oak Close Fornham St Martin IP28 £61,500 The Mouseprice Most Affordable Street Rankings 2010 can reveal that the most affordable street in the East of England is Riley Avenue, CO15, with an average property value of £49,000. This street is right next to the coast in Jaywick, south-west of Clacton-on-Sea. This is the first time that this road has made the top 10 list. The second most affordable street in the East is Austin Avenue, located very close to Riley Avenue. The average value for a property here is £49,700. Although the street did not make it to the top 10 in last year’s rank, it did rank at number two in the 2008 report, when it had an average value of £53,800. Coming in at number three is Bentley Avenue, which is within close walking distance to the top two and is also located in CO15. Property values here average £50,800. This is another new street to enter the rankings. Overall, the average