Next time you hear a news report about average national property prices, remember this map.
We wanted to examine pre and post economic crisis conditions. Areas in red saw properties sell for £75k-plus more in 2013 than in 2007, while areas in deeper blue had sales prices reduce by a similar amount over the same period.
A little difficult to discern a pattern? A lot of red and blue very close together? That’s because this map shows there is no such thing as national property prices. In fact, there are not even regional patterns worth the name.
This map shows price changes from the Land Registry of the same property purchased in 2007 and sold in 2013 shown by postcodes. Good thing, because property values can vary over extremely small distances indeed.
This resulted in an 8.3% sample of sales in 2007 and 10.7% sample in 2013.
Let’s zoom in to see this in more detail – as every good data map should tempt you to do.
London, particularly central areas, continues to perform well.
Town and city regions can also perform comparitively well, showing the importance of city economics and environments. Compare Cambridge and Peterborough for example.
And more to the point, is it in the right place?
Markets are somewhat determined by supply and demand. Given the varying geography of family size and living arrangements, does development address this well? The below figures suggest perhaps not. Have we built a rush of flats in recent years whilst neglecting the provision of larger homes?
The spatial exploration of raw data can help to reveal suggestive patterns on which to base further investigation, that graphs and charts alone struggle to match.