British homeowners recover £250 billion in value since March lows
30th Sept 2009
- Average home values in Britain rise £57 per day over last six months
- Average British home value now £203,622 - up £10,501 since March
- Scotland bounces back well but Wales slowest to recover
- British housing stock recovers 25% of the £1 trillion lost in slump
The value of the total residential housing stock in Britain now stands at £5.25 trillion, up £250 billion from its recent lows in March of this year, when it fell below the £5 trillion mark for the first time since February 2005. However, whilst good news for homeowners, this figure remains well below the market peak of over £6 trillion achieved in late 2007.
According to Zoopla.co.uk, which provides free instant value estimates updated daily for every UK home, the average British homeowner has seen the value of their home start to rise again slowly over the past six months. Following the unprecedented falls since late 2007, where over £1 trillion was wiped off the total value of the housing market (an 18% decline), the average British home has actually gained £57 per day in value since March of this year.
The latest figures from Zoopla.co.uk show that the average home in Britain is now worth £203,622, up £10,501 since March. And, whilst the recent increases will be welcomed by homeowners across the country, the figures are still down £31,592 from the December 2007 peak when the average British house price stood at £235,214.
Home values in England are now up 2.23% since the start of the year and are beginning to recover even faster in Scotland with an increase of 5.25% since January. Average home values in Wales, however have been the slowest to show signs of improvement, up on 0.95% in 2009.
Alex Chesterman, CEO of Zoopla.co.uk, said: "Whilst we are still long way from the values seen before the credit crunch hit, house prices have begun the road to recovery and there are now a lot less homeowners with negative equity than there were six months ago. With the record levels of traffic to Zoopla.co.uk and enquiries being sent to estate agents, these are clear sign that confidence is beginning to return to the market."
Homeowners in Windsor & Maidenhead have the biggest reason to celebrate over the past 6 months where house prices have come roaring back by over 10.2%. Durham residents have less to cheer about as the slowest recovering area in Britain, seeing values grow by only 1.1% since March. And parts of the country are yet to share in the price recovery at all, like Stroud in Gloucestershire where property values have fallen a further 3.7% since March.
Best performing areas over last 6 months
| County | Value change % (since Mar 09) |
Value change £ (since Mar 09) |
Avg. home value (Sep 09) |
|---|---|---|---|
| Windsor/Maidenhead | 10.27% | £37,460 | £402,277 |
| Staffordshire | 9.72% | £13,362 | £150,904 |
| Edinburgh | 9.16% | £18,961 | £225,787 |
| Lancashire | 8.78% | £11,426 | £141,402 |
| Essex | 8.62% | £17,678 | £222,670 |
Slowest recovering areas over last 6 months
| County | Value change % (since Mar 09) |
Value change £ (since Mar 09) |
Avg. home value (Sep 09) |
|---|---|---|---|
| Durham | 1.15% | £1,465 | £128,889 |
| Cornwall | 1.36% | £2,779 | £207,015 |
| Pembrokeshire | 1.52% | £2,514 | £167,879 |
| Buckinghamshire | 1.65% | £4,442 | £274,098 |
| Nottinghamshire | 2.51% | £3,275 | £133,754 |
Best performing towns over last 6 months
| Town | Value change % (since Mar 09) |
Value change £ (since Mar 09) |
Avg. home value (Sep 09) |
|---|---|---|---|
| Oswestry, Shropshire | 13.13% | £20,128 | £173,462 |
| Erith, Kent | 12.44% | £19,362 | £175,011 |
| Billingham, Durham | 12.01% | £16,469 | £153,626 |
| Yelverton, Devon | 11.85% | £26,661 | £251,685 |
| Rugeley, Staffordshire | 11.77% | £17,923 | £170,250 |
Slowest recovering towns over last 6 months
| Town | Value change % (since Mar 09) |
Value change £ (since Mar 09) |
Avg. home value (Sep 09) |
|---|---|---|---|
| Stroud, Gloucestershire | -3.77% | -£9,354 | £238,512 |
| Macclesfield, Cheshire | -3.74% | -£8,688 | £223,508 |
| Lewes, East Sussex | -2.90% | -£9,238 | £309,856 |
| Sleaford, Lincolnshire | -2.69% | -£4,139 | £149,790 |
| Blyth, Northumberland | -2.68% | -£3,211 | £116,777 |
- Ends -
For further information, please contact PR Team on pr@zoopla.co.uk or +44 (0)20 3873 8770.
Notes to editors
About Zoopla.co.uk
Zoopla.co.uk is a unique property website offering users information and tools to help them make better-informed property decisions. Our aim is to provide the most comprehensive source of residential property market information in the UK to help buyers, sellers, owners and estate agents alike and give them an advantage in the property market.
In 2007, following the success of bringing DVD rental to the web with LOVEFiLM.com, Zoopla founders Alex Chesterman and Simon Kain realised that the UK property market had yet to fully enjoy the benefits of the internet in terms of its ability to deliver transparency and efficiency. They set out with the mission to transform the property market for both professionals and consumers by:
- offering users FREE access to instant value estimates, sold house prices and local information and trends
- enhancing estate agents' marketing efficiency by providing exposure/leads on a pay-for-performance basis
- helping users find local agents and other property professionals to assist them in the transaction process
- letting buyers make offers on ANY UK home and owners test interest in their homes before choosing to sell
- creating an environment where anyone can ask/answer questions and share their knowledge about homes
By providing FREE value estimates for EVERY UK home, sold prices and local information as well as hundreds of thousands of property listings for sale/to rent, Zoopla.co.uk is fast-becoming the ultimate destination for users to both search for property and to do their market research. We continue to be the UK's fastest growing property website and largest and most active property community, with over a million user contributions to our website in the past 12 months alone. We also offer unique features, like TemptMe. and AskMe., which allow consumers to gain an insight into the market and discover information they won't find anywhere else. Our estate agent directory, FindAnAgent and our unique AskAnAgent feature also help guide users to local professionals directly for their expertise.
Our value estimates are calculated using a proprietary algorithm (secret formula) that we have developed by analysing millions of data points relating to property sales and home characteristics throughout the UK. The algorithm works by comparing relationships between home prices, economic trends and property characteristics in given geographic areas. Our estimates are constantly refined, using the most recent data available and a variety of statistical methodologies, in order to provide the most current information on any home.
Zoopla Limited is a privately held company with a highly experienced and proven management team, backed by well-respected angel investors and leading venture capital firms Atlas Venture (atlasventure.com) and Octopus Ventures (octopusventures.com).