22
Dec
Is the Recession Over
TWELVE months ago, Southampton was staring into the abyss as the
global financial crisis swept the world.
The Daily Echo reported how jobs were disappearing, house prices
were plummeting, shops were shutting – and there was worse to
come.
By February, even the most optimistic leaders had to concede
that the city was in serious trouble, with construction at a
standstill and hundreds more jobless signing onto the dole each
month.
While there’s no doubt many local people are still reeling
from the worst recession in 100 years, it seems Southampton can
look to 2010 with more confidence.
Official statistics, compiled for the city’s leaders and
obtained by the Echo, appear to be evidence of the first green
shoots of recovery.
The figures show: ? Average house prices in Southampton have
increased every month since June.One area where Southampton appears
to be faring better than many other parts of Britain is in the
housing market.
The average house price in the city dropped from £162,013
in October 2007 to a low of £133,030 in June this year.
But values have been rising ever since and by the end of
September, the latest Land Registry figures available, the average
house price had climbed back up to £137,786.
The 3.6 per cent local increase compares with a rise of 3.2 per
cent across England and Wales over the same period.