Average value of a home in Britain increases by £28.30 a day

December 11, 2013 at 11:32 AM 1 comment

The average value of a home in Britain is increasing by almost £30 a day, according to the latest figures published by Zoopla.

11.12.13 Scotland 1

Scotland is hot on London’s heels, enjoying a 6.85 per cent increase in property values in 2013

It equates to an average rise of £10,329 this year, with the average value up 4.4 per cent to £233,289.

It follows a host of new Government initiatives introduced this year to help stabilize the property market and set the foundations for a sustainable recovery. As a result, 2013 has witnessed property price growth across most of the country.

With confidence in the market increasing, 2014 could see further price growth as the number of sales increases, construction continues, and more property comes to the market, according to Zoopla.

The effect of Help to Buy and low interest rates can been seen in the figures, with increased demand driving up property values on the lower rungs of the property ladder. In England, semi-detached houses have seen the biggest increase in value, up 6.42 per cent or £13,054 during 2013.

The gain in property values has been broadening out across the country as the recovery finally starts to be felt across the regions.

While London continues to surge ahead of the rest of the country with average property values rising £46,398 since this time last year, Scotland is now hot on the capital’s heels, enjoying a 6.85 per cent increase in 2013. Overall, property prices have risen in 10 of the 11 regions across Britain in 2013. Only Yorkshire and The Humber experienced a marginal fall of 0.37 per cent in average house prices in the past 12 months.

And reinforcing the broadening effects of the recovery, northern cities now appear on the top 10 list of best performing urban areas in 2013. The largest increase in house prices in the past year has been seen in Newcastle at 10.05 per cent. Other cities in the north making the top 10 include Barnsley, Glasgow, Dundee, Aberdeen and York – all recording property price gains of more than 6.5 per cent during 2013.

But it is not all good news in the North, with the worst performing city in 2013 being Rotherham in Yorkshire, which suffered a small drop in average home values of 0.1 per cent in the past 12 months.

AVERAGE PROPERTY VALUES BY REGION

 Region

Avg. value

Dec 2013

Avg. value

Dec 2012

£ Change

 

% Change

London

£510,457

£464,059

£46,398

10.0%

Scotland

£171,690

£160,687

£11,003

6.9%

South West England

£243,437

£229,415

£14,022

6.1%

North East England

£168,795

£159,770

£9,025

5.7%

South East England

£310,973

£294,776

£16,197

5.5%

East of England

£260,018

£248,377

£11,641

4.7%

West Midlands

£182,569

£177,980

£4,589

2.6%

North West England

£164,149

£160,205

£3,944

2.5%

East Midlands

£170,953

£167,237

£3,716

2.2%

Wales

£160,346

£157,983

£2,363

1.50%

Yorkshire & The Humber

£148,507

£149,053

-£546

-0.4%

Source: Zoopla.co.uk, December 2013

BEST PERFORMING CITIES OF 2013 

Rank

Location

Avg. value

Dec 2013

Avg. value

Dec 2012

£ Change

 

% Change

1

Newcastle

£183,057

£166,345

£16,712

10.1%

2

London

£510,457

£464,059

£46,398

10.0%

3

Cambridge

£344,881

£316,888

£27,993

8.8%

4

Barnsley

£122,769

£112,918

£9,851

8.7%

5

Cardiff

£203,939

£188,116

£15,823

8.4%

6

Glasgow

£160,935

£148,756

£12,179

8.2%

7

Dundee

£157,270

£146,262

£11,008

7.5%

8

Brighton

£293,927

£273,646

£20,281

7.4%

9

Aberdeen

£226,041

£210,729

£15,312

7.3%

10

York

£237,961

£223,304

£14,657

6.6%

Source: Zoopla.co.uk, December 2013

WORST PERFORMING CITIES OF 2013

Rank

Location

Avg. value

Dec 2013

Avg. value

Dec 2012

£ Change

 

% Change

1

Rotherham

£129,766

£129,896

-£130

-0.10%

2

Bolton

£136,680

£136,284

£396

0.29%

3

Colchester

£236,039

£233,762

£2,277

0.97%

4

Wolverhampton

£160,840

£158,964

£1,876

1.18%

5

Walsall

£151,204

£149,320

£1,884

1.26%

6

Hull

£114,684

£113,141

£1,543

1.36%

7

Swansea

£149,955

£147,570

£2,385

1.62%

8

Nottingham

£154,488

£151,954

£2,534

1.67%

9

Milton Keynes

£227,418

£223,362

£4,056

1.82%

10

Leicester

£177,720

£174,378

£3,342

1.92%

Entry filed under: Help to Buy, House Prices. Tags: , , , , , .

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1 Comment Add your own

  • 1. Janet White  |  December 12, 2013 at 3:25 PM

    Zoopla, this article has been amazing! We have hope here at http://www.mylondonagent.com as a new lettings / estate agent, which is located in London too! fingers crossed :)

    Reply

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