Crisis and recovery

Synchronised downturn, unsynchronised recovery

Since the market peaked in 2007 there was first synchronised downturn with the Global Financial Crisis of 2008 and its associated recession, followed by a recovery which was especially strong and rapid in the highest price-points, more delayed and anaemic in the cheaper regions.

Broadly in 2019 lower priced regions have been catching up, while the highest priced lost momentum as long ago as 2016. However mid-2019 saw an abrupt turnaround in the fortunes of Prime Central London which has since then performed relatively strongly.

The extreme north which is here typified by Tyneside has failed so far to participate in the convergence phase of the current cycle. It remains to be seen if this decoupling can be sustained.