Average property prices have gained £11 per day since January
The latest data and analysis from Zoopla has revealed that British homes have increased in value by an average of £11 per day since the beginning of the year.
According to the data, while price changes across the country have differed greatly, analysis has revealed that overall £2,046 has been added to the value of the average home in the first six months of 2019.
On a regional level, the West Midlands leads the way as Britain’s best-performing region, with the average value of homes increasing by £36.58 per day, or £6,695 in total, since the start of the year. The South East is close behind, where homeowners have seen their properties gain on average £35.32 each day (£6,463 in total) over the past six months, whilst the North West is in third place (+£20.39 per day or £3,731 in total).
The worst-performing region in Britain by far was London, where the average value of all housing has fallen by -£71.23 per day (-£13,035 in total). This was followed by Scotland (-£20.59 per day or -£3,768 in total) and the South West that saw a small increase (+£4.55 per day or £832 in total).
Best and worst performing towns
On a more local level, homeowners in Berkhamsted in Hertfordshire have seen the most value added to their properties so far in 2019, with the average home here gaining £185.11 each day in value or £33,875 in total. Close behind is Reigate in Surrey, which experienced daily growth of £184.28 followed by Epping in Essex (+£178.45 per day).
Meanwhile, Leatherhead in Surrey was the worst-performing town in Britain for house prices in the first half of 2019, with the average property value falling by -£89.12 in value each day (-£16,309 in total). The second and third largest reductions in housing values were seen in Weybridge, also in Surrey, and Amersham in Buckinghamshire, where the average properties reduced in value by -£88.89 and -£86.31 per day since January 1st respectively.
Whilst across the capital the average home decreased in value, there were still pockets of London where the average value increased. For example, homeowners in Notting Hill and Holland Park (both W11) saw the biggest increase of postcodes in London to the value of their properties, with an average of £141.46 being added each day (£25,888 in total) since the beginning of the year. Meanwhile, homes in another prime London location, Hampstead, Belsize Park & Swiss Cottage (NW3), declined the most in value; falling on average by -£179.28 each day or -£32,808 in total since January.
Zoopla also analysed who in the UK at a local authority/borough level uses its house price tools to research the value changes in their local property market the most. Reflecting how the West Midlands property values have grown the most, the research found that those in Birmingham are the most frequent users of the house price pages, whilst three London boroughs also made up the top ten most viewed locations, with those living in Wandsworth, Bromley and Croydon featuring in the list.
Laura Howard, spokesperson for Zoopla, comments: “The UK housing market gained £60bn in value during the first six months of the year. An increase in the total value of housing was recorded across nine of the 11 regions analysed, with average property values in the West Midlands making the most money for homeowners.
Perhaps then, it is no coincidence that in the last six months residents in the West Midlands, more specifically those in Birmingham, have been the most regular visitors to Zoopla’s house prices tool, which gives a price estimate for the value of homes, down to a single address.
At the other end of the spectrum, residential values in London have continued on the downward trajectory of the last three years. However, a patchwork of micro-markets in the capital means there are a number of neighbourhoods – from Notting Hill to Forest Hill – that are bucking the trend of price falls and registering price rises.
The difference in London’s house price activity is perhaps reflected by the fact that three of its boroughs (Wandsworth, Bromley and Croydon) feature in our top 10 locations where residents most-used our house prices tool. Homeowners in those areas are eagerly looking to see whether their home is increasing or decreasing in value in a mixed performance market.
Whilst our house price tool is a helpful starting point for consumers, we always recommend vendors, buyers, landlords and tenants alike speak to one of our local agents who will be able to provide a wealth of industry knowledge and on the ground insights on local markets.”