Zoopla launch heatmaps of UK property values
Heatmap of UK property values
We’ve just launched a very exciting new and unique way to look at UK property values on Zoopla.co.uk.
Welcome to our property heatmaps which show the average current property value of homes across the UK in a clear and easy to visualise format. The new heatmaps can be found on all maps across the Zoopla website and can be viewed at varying zoom levels down to individual postcodes.
In addition to the new heatmaps on the property market overview pages, we have also added a variety of other valuable local property information that provides an essential research tool for potential house hunters. This data is located on the ‘market overview’ pages of Zoopla.co.uk. These newly launched stats include (for any geographic area):
- the number of properties on the market
- average asking prices – property for sale and to rent
- the average size of properties in the area
- the average price per square foot
We feel that the addition of heatmaps to our site allows our users to easily visualise the relative property values in any area of the country. Together with the unique market data we are now making available, this is all part of our mission to empower our users with the information they need to make the right property decisions and to become the most useful property resource in the UK.
So, if you like them why not click the buttons at the bottom of the post or leave a comment and let us know what you think.
How the heatmaps work
To generate our heatmaps, we use our current value estimates to generate a color gradient overlay. In this color overlay, different colors correspond to the different average property values in each geographic area. Higher value areas tend towards red, and lower value areas tend towards blue. The value scale is dynamic and relative: Red in one locality may not have the same value as red in another locality, but on any given map, red is always higher value than blue. By making the scale dynamic, we make it easier to see the variation that exists within any locality. If we didn’t do this, West London would be red, and the rest of the country subtle shades of blue – clearly not very useful! To determine which colours correspond to which values, you can consult the value pin markers displayed on the map. The value pins show the average value for that specific location, and contain links to the market overview pages for those specific localities.
Heatmap of London property values
London Heatmap (click image to zoom)
Heatmap of Glasgow property values
Glasgow Heatmap (click to zoom)
Heatmap of Manchester property values
Manchester Heatmap (click to zoom)
Heatmap of Birmingham property values
Birmingham heatmap (click to zoom)
Heatmap of Bristol property values
Bristol Heatmap (click to zoom)
Heatmap of Nottingham property values
Nottingham Heatmap (click to zoom)
Heatmap of Liverpool property values
Liverpool Heatmap (click to zoom)
Heatmap of Leeds property values
Leeds Heatmap (click to zoom)
Heatmap of Sheffield property values
Sheffield Heatmap (click to zoom)
Heatmap of Edinburgh property values
Edinburgh Heatmap (click to zoom)
Heatmap of Cardiff property values
Cardiff Heatmap (click to zoom)
As always, please feel free to share and use this information, all we ask is that you credit the source as Zoopla.co.uk and link to Zoopla.co.uk. Thank you.
Follow Zoopla on Twitter
Like Zoopla on Facebook
What’s happening to Olympic area property values?
Olympic Stadium CGI
With one year to go till the London 2012 Olympics, we’ve looked into how property values have performed since London won the title as host city for the games.
There’s no doubt that the redevelopment to a number of areas across the UK as a result of the Olympics has had a positive impact on property prices. Much of the focus to date has been on East London but there are many other areas benefitting from the investment and attention of the Olympics.
Key findings:
- Property prices around Olympic sites up 11.9% since Games announced
- Outstripping average UK house price growth of 7.2% over same period
- London’s Olympic venues underperform overall strong growth in capital
- £30.8bn added to residential property values around Olympics sites
Property prices in close proximity to the UK Olympic venues have recorded an 11.9% increase since the Games were awarded to London in July 2005, outstripping the UK average of 7.2% over the same period, according to our data.
Over £30bn has been added to the total value of residential properties located in close proximity to the UK Olympic sites since the announcement, with £6.4bn in added-value to house prices in East London alone. The budget for delivering the Olympics is currently on target at £9.3bn with exactly one year to go.
Outside London, properties nearby seven of the ten major Olympic venues have recorded noticeably higher price growth than the surrounding areas. In Lee Valley, Hertfordshire where the White Water Centre has been developed for canoeing events, house prices have risen 12% since the announcement compared to 7.2% growth on average in the region. And in Eton Dorney, where the rowing facility has been upgraded to accommodate the Olympics, average home values have risen 14.3% compared to the regional average of 8.2%.
However, in London property values in direct proximity to the Olympic venues have underperformed having risen 18.9% since the games were awarded compared to overall house price growth of 27.2% in the capital since July 2005.
The underperformance of the London venues says far less about the Olympics than it does about the overall London property market which has outperformed the rest of the UK by a wide margin in the last few years. And it is unlikely that property in East London would have seen anything like the value growth it has recorded without the Olympics.
Change in property values in Olympic areas since July 2005 (%)
| Olympic Area | All Areas | |
|---|---|---|
| Inside London | 18.9% | 27.2% |
| Outside London | 7.8% | 5.1% |
| All UK | 11.9% | 7.2% |
Source: Zoopla.co.uk
Change in property values in Olympic areas outside London (%)
| Venue | Olympic Area | Region |
|---|---|---|
| Millennium Stadium, CA1 | 11.00% | 0.80% |
| City of Coventry Stadium, CV5 | 2.00% | -2.00% |
| Brands Hatch, DA3 | 9.60% | 7.20% |
| Weymouth & Portland | 6.80% | 6.30% |
| Lee Valley, EN9 | 12.00% | 7.20% |
| Hampden Park, G42 | 11.10% | 17.90% |
| Hampton Court Palace, KT8 | 16.70% | 7.20% |
| Old Trafford, M16 | 2.90% | -1.50% |
| Eton Dorney, SL4 | 14.30% | 7.20% |
| Hadleigh Farm, SS7 | 3.90% | 8.20% |
Source: Zoopla.co.uk
As always, please feel free to share and use this information, all we ask is that you credit the source as Zoopla.co.uk and link to Zoopla.co.uk. Thank you.
Follow Zoopla on Twitter
Like Zoopla on Facebook
Two bedroom flats for sale in London
1. Thames Road, London, W4
£550,000 – 2 bedroom flat for sale
2. Ockendon Road, London, N1
£549,500 – 2 bedroom flat for sale
3. Lanterns Court, Lanterns Way, London E14
£435,000 – 2 bedroom flat for sale
4. Larkhall Rise, London, SW4
£385,000 – 2 bedroom flat for sale
5. The Vale, Acton W3
£279,950 – 2 bedroom flat for sale
6. Marmion Road, Battersea SW11
£485,000 – 2 bedroom flat for sale
7. Bonneville Gardens, London SW4
£475,000 – 2 bedroom flat for sale
8. Merton Road, Wimbledon SW19
£385,000 – 2 bedroom flat for sale
9. Green Lanes, Palmers Green, London N13
£340,000 – 2 bedroom flat for sale
10. Petley Road, Hammersmith, London W6
£449,950 – 2 bedroom flat for sale
3.45 million homes bought in last 5 years, now ‘Underwater’
There is an unprecedented number of homeowners ‘stuck’ with homes they bought in recent years with the expectation that prices would continue to sky-rocket. Our latest research shows that 4 out of 5 homes purchased in Britain since 2006 have a property market value today below their purchase price.
As as a result, home owners do not want to take a loss on their asset and many owners have been unwilling to set realistic asking prices to sell them. Of the 4.32 million homes purchased since 2006, and where the ownership remains the same, 3.45m (80%) of these homes are ‘underwater’ (worth less today than their purchase price).
Those worst affected are the homeowners who bought at the peak of the market. 93.2% of homes bought in 2007 and 88.9% of those bought in 2008 are now ‘underwater’. Over the last 5 years, buyers who have fared best are those who bought in 2009, having successfully timed the bottom of the market during the recent downturn.
At a regional level, the North East of England is the worst affected area, with 93% of properties purchased since 2006 yet to climb back to the values paid for them by their owners. At the other end of the scale, the London market has been unique and bounced back very strongly from the recent market lows of 2009. Consequently less than half (46%) of homes bought over the last 5 years in London are now valued below their purchase price, underlining how much more resilient the capital has been to the property downturn versus the rest of the country.
Number of homes ‘Underwater’ by year of purchase
| Year | # Transactions | # Below Purchase Price |
% Below Purchase Price |
|---|---|---|---|
| 2007 | 1,184,000 | 1,103,240 | 93.2% |
| 2008 | 631,964 | 561,902 | 88.9% |
| 2009 | 607,502 | 288,664 | 47.5% |
| 2010 | 638,626 | 561,797 | 88.0% |
| Total | 4,320,569 | 3,458,513 | 80.0% |
Source: Zoopla.co.uk (June 2011)
Number of homes bought in last 5 years ‘Underwater’ by region
| Region | # Transactions | # Below Purchase Price |
% Below Purchase Price |
|---|---|---|---|
| North East | 231,088 | 215,264 | 93.2% |
| Yorkshire & TheHumber | 306,507 | 283,920 | 92.6% |
| East Midlands | 322,987 | 293,838 | 91.0% |
| Wales | 178,604 | 158,156 | 88.6% |
| North West | 453,840 | 398,375 | 87.8% |
| West Midlands | 352,124 | 308,181 | 87.5% |
| South West | 442,365 | 373,062 | 84.3% |
| Scotland | 374,387 | 306,032 | 81.7% |
| East | 459,174 | 360,911 | 78.6% |
| South East (exc.London) | 708,189 | 533,630 | 75.4% |
| London | 491,300 | 225,779 | 46.0% |
| Total | 4,320,569 | 3,458,513 | 80.0% |
Source: Zoopla.co.uk (June 2011)
As always, please feel free to share and use this information, all we ask is that you credit the source as Zoopla.co.uk and link to any of the links above or Zoopla.co.uk. Thank you.
Follow Zoopla on Twitter
Like Zoopla on Facebook
Olympic 2012 short let with £24,000 (per week) price tag to match!
West Grove, London £24,000 pw (£104,286 pcm) - 7 bedroom property to rent
With just over a year to go until the London 2012 Olympics, we got a little curious and wanted to know how the Olympic rental market was shaping up.
Thanks to our keyword search we are able to look for properties to rent on Zoopla that have the word ‘Olympic’ in the property description and we weren’t disappointed.
The search returned 422 properties available as a short let during the Olympics including this property to rent (pictured above). There’s no doubt it’s a stunning seven-bedroomed, elegant detached house, that comes with come with its own 24 hour house keeper, maid service and continental breakfast, but will it really fetch £24,000 per week (or £104, 286 per month)?
Situated at the edge of Blackheath in the buffer zone of the Maritime Greenwich World Heritage Site and it’s a short walk to Greenwich Park, the venue for the 2012 Equestrian Events.
The property is listed by English Heritage as a Grade II* listed property and has been sympathetically restored by the current custodians.
As the property description states, the owners are looking for a corporate let/entertaining, participants and organisers of the 2012 Olympic games or families wanting to be close to the Equestrian Events.
Will it achieve, Gold, Silver or Bronze we wonder?
Here are more London 2012 Olympic short lets on Zoopla.co.uk
Olympic Rental Advice
If you’re looking to let your property during the Olympic period you need to strike a balance between trying to achieve an early let and leaving it till the last minute. Looking back at what happened during the run up to the Millennium, some very speculative prices were being asked, demand didn’t always live up to expectation and many properties were never let.
A good price isn’t always the best deal. Those looking to rent should ensure that they are getting a good quality tenant who will look after their property. First time short-let landlords should work out what their target tenant is likely to be – corporate, family or perhaps an athlete – and prepare for that market.
Tips:
1. Given that there is still some time to go, you should secure a deposit early on to ensure that the let takes place.
2. Make sure you have a detailed inventory of contents
3. Make sure you take pictures to record the condition of the property before it’s let
4. Be careful with what utilities are included in the rent….electricity and gas can mount up!
5. Speak to your local estate agent and see which ones are dealing with short-term lets over during the Olympic period
6. Ask three to give you a rental valuation
London 2012 Olympic short lets on Zoopla.co.uk
