|David Cameron||Gordon Brown||Nick Clegg|
Unlike the election outcome, which is unclear for now, our research into political property values reveals that the Tories rule in the property stakes with average property values in their constituencies significantly above those in Labour controlled areas. Interestingly, despite the fact that there are far fewer homes in areas under their control today, the Tories still have an equal share of the UK’s property wealth, due largely to their strong presence in affluent rural areas and the south east of England in particular.
Some may say this is not totally unexpected, but when you look at the detail there are actually 4.5million more homes under Labour control (11.7m total) compared to 7.2m properties in Conservative constituencies with the Lib Dems some way behind with 2.2m homes.
The Key Points:
- Average house prices in Conservative areas 53% higher than Labour
- Property values in Tory constituencies £89,500 higher than Labour on average
- Average house prices in Tory constituencies £257,500 vs. £168,000 for Labour
- Lib Dem seats show highest growth in property values over the past 5 years
- Gordon Brown’s own constituency amongst the lowest property values in UK
Average house prices in Tory-controlled areas now stand at £257,518, followed by Lib Dem constituencies where the average home is worth £228,880, whilst Labour comes in a distant third at £168,112, with property values in areas under their control at almost 20% below the national average.
Average property values in each party’s constituencies
|% Change since last election
|Average Value when Labour came to power
The research also highlights that Labour-controlled constituencies have experienced the lowest gains in property values since they came to power in 1997, with house price growth in areas under their control up 177% over the 13 year period compared to 179% in Tory areas and an impressive 190% in areas under Lib Dem control.
As for the party leaders own constituencies, the average property value in Gordon Brown’s Kirkcaldy and Cowdenbeath seat is £120,910, well below both the average for his party and the national average. Average property prices in Witney, the Oxfordshire seat of David Cameron, stand at almost 2.5 times that figure at £289,686, well above the national average (£209,101) whilst in Nick Clegg’s Sheffield Hallam constituency, the average home would set you back £219,136.
Average property values in each leader’s constituency
|% Change since last election
|Average Value when Labour came to power
In terms of the total current value of residential property located in areas controlled by each party, the Tories and Labour come out almost exactly neck and neck at £1.9 trillion each, despite Labour’s significant advantage of 11.7m homes in areas under their control compared to only 7.2m homes in Conservative areas. The total value of the 2.2m homes in areas under the control of the Liberal Democrats stands at £0.5 trillion.
It’s all about the views this week. From rural to seaside, and lochside to lakeside, the common denominator of this week’s five to view is that they all have va-va-vroom vistas.
Such spectacular views command a premium price, of course, but we all know that location is everything in property. And who would begrudge paying a little bit extra for the privilege of all that loveliness on the doorstep?
But enough: we’ll let the scenery speak for itself.
(Click on pics for more images & full property details.)
1. Western Esplanade, Portslade, East Sussex
Overlooks: The English Channel
2. Windermere, Cumbria
Overlooks: Windermere, The Lake District
3. Brockenhurst, Hampshire
Overlooks: The New Forest
4. St Andrews, Fife
Overlooks: The Old Course & the West Sands
5. Bunloit, Highlands
Overlooks: Loch Ness
Optimism around the housing market outlook has significantly improved from one year ago, when less than one-third of homeowners (30%) expected house prices to rise.
With the bad weather behind us and the recent stamp duty relief introduced for first-time buyers, confidence in the property market has bounced back well. Despite the optimism, significant concerns remain around the supply of mortgages and whilst affordability levels are now higher than at any time in the past few years the lack of mortgage funding, especially for first-time buyers, remains the single biggest threat to a full housing market recovery.
- Housing market confidence hits two and a half-year high
- Strong concerns remain over the availability of mortgage financing
- 81% of homeowners believe UK property values will rise over next six months
- Homeowners predict that average house prices will increase 5.7% by Autumn
- Only one in five potential buyers say that mortgage availability is improving
- Scots are most confident about property market recovery, N Irish far less so
The survey also reveals only 9% of homeowners believe that property values will fall over the next six months whilst a further 10% expect prices to remain flat. The average growth predicted by those surveyed is for house prices to rise by 5.7% by October.
The current level of optimism bodes well for market activity, with transaction volumes expected to rise significantly over the coming months given the historically high correlation between the confidence level in the Zoopla.co.uk Survey and market activity approximately three months later.
However, the availability of mortgage financing remains the main obstacle to a sustained improvement in the housing market with four out of five (78%) of those surveyed saying that it is now no easier to obtain a mortgage than it was three months ago.
When considering the election almost a quarter (23%) of those surveyed stated that they will wait to assess the outcome of the election before making any property-related decisions.
Across the UK, the Scots are most upbeat over the prospects for the local property market, with 86% expecting house prices in their area to rise over the next six months, compared to 80% in England and 76% in Wales. The picture is somewhat less optimistic in Northern Ireland, with only 62% predicting house prices will rise over the next six months.
Please feel free to share and use these findings, all we ask is that you credit the source as the Zoopla.co.uk Housing Market Sentiment Survey and link to Zoopla.co.uk.
There’s been clear water between Oxford and Cambridge in the Boat Race in recent years, but we’ve begun to see a reversal of fortunes in the property market. Cambridge property values have outperformed the city’s longstanding rival, thanks principally to Silicon Fen. The rapid growth of high-tech businesses in the area – many of which have links with the University – has transformed Cambridge into one of Europe’s most important technology centres. Increased investment and the boost to the local jobs market has led to a surge in demand for property in Cambridge.
Over the past decade the University of Oxford has left its Cambridge rival trailing in the University Boat Race with Oxford crossing the line seven times ahead of the Cambridge crew. However, if we take a look at the property race between the two Cities, it’s an entirely different story – Cambridge is streets ahead in the property race.
Average property values in Cambridge have grown 106% since March 2000, quite a few strokes (sorry!) ahead of Oxford, where values have risen 95% in the same period. In the past year, Cambridge property values have also bounced back strongest from the housing market slump, growing 9.7% compared to only a 4.1% rise in Oxford.
Despite the strong recent performance of the Cambridge housing market, average property values are still higher in Oxford. The average Oxford home is currently worth £318,149 compared to £282,948 in Cambridge.
Oxford v Cambridge – the property perspective
|71,816||Number of homes||102,241|
|£22.9 billion||Current total value all residences||£29.2 billion|
|£318,149||Avg. home value (Mar 2010)||£282,948|
|£314,660||Avg. price paid (12 months)||£271,977|
|12,144||Number of property sales (5 yrs)||19,492|
|4.12%||Value change % (12 months)||9.71%|
|£12,598||Value change £ (12 months)||£25,045|
|£162,826||Avg. home value (Mar 2000)||£137,276|
|95.39%||Value change % (10 yrs)||106.12%|
|£155,323||Value change £ (10 yrs)||£145,672|