The Yorkshire towns and cities where house prices haven’t recovered from the financial crisis

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While many people have seen the value of their property recover since 2008 hundreds of thousands of Yorkshire homeowners who bought property before the crash are still stuck in negative equity 10 years on.

Online estate agents HouseSimple.com compared average house prices in June 2007 and June 2017* in more than 60 major towns and cities in England and Wales.

Almost 1.5 million property transactions were completed in 2007 when property prices reached peak levels, just before the financial crisis.

The worst affected ares in Yorkshire, where average house prices remain below pre-crash highs, are Rotherham (-3.8%), Doncaster (-1.9%) and Bradford (-1%)

Alex Gosling, CEO of HouseSimple.com, said: “The last 10 years has been a golden period for many UK homeowners who have sat back and watched the value of their homes rise to record levels. Unfortunately, there are pockets of the UK where property prices have been literally stuck in the past. Many of these homeowners will have been in negative equity for a decade.

“It must be galling for anyone who bought a property ten years ago, at the top of the market, and are sitting in a home that is still worth less today than it was when they bought it pre-2008. Worse still, any hope they have of drawing a line under their misfortune, and moving on, is most likely on pause as selling up would mean losing money.

“Finding the funds for a house deposit is difficult enough without having to cover losses on a house sale as well.”

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