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Average property values up £2,000 in first half of 2019 but London home owners have lost £13,000

London home owners have seen the value of their properties slide by £13,035 on average in the first six months of the year, Zoopla claims.

Analysis of house price data by Zoopla – using its valuation tool that regularly collates property data on all 29m homes in the country – found that an average of £11 a day has been added to home values since the start of the year or £2,046 in total.

But home owners in the capital are not benefiting and have seen their property valuations fall by £71.23 a day.

Scotland also saw a £20.59 daily drop or £3,768 in total.

The west midlands was 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 was close behind, where home owners have seen their properties gain on average £35.32 each day and £6,463 in total over the past six months.

Zoopla also analysed who in the UK at a local authority level uses its house price tools to research the value changes in their local property market 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, said: “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 home owners.

“Perhaps then, it is no coincidence that in the past 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.”

RankRegionJanuary value (£)July value (£)£ total change£ change per day
1West Midlands230,676237,371£6,695£36.58
2South East England406,821413,284£6,463£35.32
3North West England198,446202,177£3,731£20.39
4Wales190,610193,910£3,300£18.03
5Yorkshire and The Humber181,918184,181£2,263£12.37
6East of England360,707362,823£2,116£11.56
7East Midlands224,352226,177£1,825£9.97
8North East England192,388193,663£1,275£6.97
9South West England309,333310,165£832£4.55
10Scotland194,942191,174-£3,768-£20.59
11London670,535657,500-£13,035-£71.23

By MARC SHOFFMAN

Source: Property Industry Eye

UK Housing Market Average property values Brexit
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Average Property Values Continue To Rise In May

Average property values rose by 5.2 per cent over the past year, according to the latest May Halifax Property Price Index – a dramatic jump in property values by recent standards.

The increase represents the biggest annual rise since the start of 2017, and brings average property values to £237,837

However, the lender stated that the overall message was one of ‘stability’ and that May’s sharp rise in prices was against a backdrop of ‘particularly low’ growth in the same period last year.

On a monthly basis, property values rose by 0.5 per cent, down from a 1.2 per cent rise the previous month, while in the quarter to the end of May prices were 2.5 per cent higher, compared to 4.2 per cent growth in the previous quarter.

Britain’s housing market has slowed since 2016’s Brexit referendum, driven by price falls in London and neighbouring areas, exacerbated by higher purchase taxes on homes costing over 1 million pounds and on second homes and small landlords.

The figures stated by Halifax are in contrast to the latest data released by Nationwide, which reported a much lower annual growth rate in property values of just 0.9 per cent, and a monthly growth rate of 0.6 per cent.

Managing director at Halifax, Russell Galley, said: ‘We saw a slight increase in house prices between April and May, but the overall message is one of stability.

‘Despite the ongoing political and economic uncertainty, underlying conditions in the broader economy continue to underpin the housing market, particularly the twin factors of high employment and low interest rates.’

Mr Galley said that this was supported by industry-wide figures, which suggest ‘no real change’ in the number of homes sold each month, while Bank of England data show the number of mortgages being approved rose by almost 6 per cent in April, reversing the softness seen in the previous month.

He concluded: ‘We expect the current trend of stability to persist over the coming months, though clearly any downturn in the wider economy would be keenly felt in the housing market.’

Source: Residential Landlord