England's wealthiest (and poorest) housing markets
28th September 2010
- Windsor & Maidenhead wealthiest area outside London with average property values of £409,939
- North Lincolnshire poorest area in England with average house prices 44% below national average
- Avg. property value in England now stands at £225,045, 8.7% below peak reached 3 years ago but up 11.2% from March 09 lows
Windsor & Maidenhead is the area with the highest average property value in the country, outside of London, according to the latest figures from leading property website, Zoopla.co.uk. The average house price in Windsor & Maidenhead is now £409,939, a mere £3,411 below the average London house price, which is currently £413,350.
In contrast, average property prices in North Lincolnshire currently stand at £124,921, the lowest in the nation and a staggering 70% less than in London and 45% below the national average, highlighting the growing North/South divide in house prices.
The statistics released today by Zoopla.co.uk, which provides free value data on every property in the country, also show that all of the top 10 wealthiest housing markets are located in the South. South Gloucestershire (£384,102), Surrey (£357,863) and Hertfordshire (£317,687) round out the list of areas with the highest property values in England. Meanwhile, the North is home to all of the top 10 poorest housing markets in the country, with Hartlepool (£124,949), Durham (£133,257), South Yorkshire (£137,413) and Nottinghamshire (£137,949) not far behind North Lincolnshire.
Top 10 Wealthiest Housing Markets
| Rank | Market | Avg. home value |
|---|---|---|
| 1 | London | £413,350 |
| 2 | Windsor & Maidenhead | £409,939 |
| 3 | South Gloucestershire | £384,102 |
| 4 | Surrey | £357,863 |
| 5 | Hertfordshire | £317,687 |
| 6 | Oxfordshire | £300,642 |
| 7 | Buckinghamshire | £289,764 |
| 8 | Bath & N E Somerset | £287,332 |
| 9 | Berkshire | £274,241 |
| 10 | West Sussex | £269,774 |
Source: Zoopla.co.uk
Top 10 Poorest Housing Markets
| Rank | Market | Avg. home value |
|---|---|---|
| 1 | North Lincolnshire | £124,921 |
| 2 | Hartlepool | £124,949 |
| 3 | Durham | £133,257 |
| 4 | South Yorkshire | £137,413 |
| 5 | Nottinghamshire | £137,949 |
| 6 | Merseyside | £140,847 |
| 7 | Lancashire | £146,079 |
| 8 | Tyne & Wear | £150,862 |
| 9 | Greater Manchester | £151,946 |
| 10 | Staffordshire | £152,743 |
Source: Zoopla.co.uk
Given it is now almost 3 years since the housing market in England peaked in late 2007, Zoopla.co.uk also studied how each area has fared since the downturn began and it is clear that some markets have weathered the storm far better than others. Average property values in England as a whole remain 8.7% below their peak levels of 3 years ago and now stand at £225,045, representing an average loss in value of £21,303 over the past 3 years, but are up by 11.2% over the past 18 months from the lows reached in March 2009.
Whilst the London property market has proven far more resilient than most with average house prices now only 3.5% below their September 2007 level, the area where house prices have bounced back strongest is Bath & NE Somerset where property values are now only 1.5% below where they were 3 years ago. At the other end of the scale, the country's biggest loser is Lincolnshire where property prices remain 11.2% below their peak levels, despite having risen by more than 8% in the past 18 months from the March 2009 lows.
Oxfordshire came in third place in terms of the most resilient housing markets with home values now only 4.7% below where they were 3 years ago, followed closely by Warwickshire (down 4.78%) and Hertfordshire (down 4.9%) since September 2007. However, Nottinghamshire (down 11%), South Yorkshire (down 10.7%), Worcestershire (down 10.5%) and the West Midlands (down 10.4%) have not fared much better than Lincolnshire.
Nicholas Leeming, Commercial Director of Zoopla.co.uk comments: "In terms of both current house prices and market performance over the past 3 years, there is a clear north-south divide. The manufacturing base of the Midlands was severely hit by the recession and heavy job losses have taken their toll on the region's economy. As the economy strengthens the housing market will likely perform best in those areas least sensitive to the upcoming public sector cuts and the property divide looks set to get even wider."
Top 10 Most Resilient Housing Markets
| Rank | Market | Avg. home value | 3-year change (%) | 3-year change (£) |
|---|---|---|---|---|
| 1 | Bath & NE Somerset | £287,332 | -1.51% | -£4,398 |
| 2 | London | £413,350 | -3.45% | -£14,785 |
| 3 | Oxfordshire | £300,642 | -4.67% | -£14,723 |
| 4 | Warwickshire | £213,314 | -4.77% | -£10,677 |
| 5 | Hertfordshire | £317,687 | -4.90% | -£16,368 |
| 6 | West Sussex | £269,774 | -4.98% | -£14,126 |
| 7 | South Gloucestershire | £384,102 | -5.13% | -£20,761 |
| 8 | West Berkshire | £298,439 | -5.30% | -£16,690 |
| 9 | Hampshire | £252,283 | -5.35% | -£14,249 |
| 10 | Surrey | £357,863 | -5.49% | -£20,795 |
Source: Zoopla.co.uk
Top 10 Least Resilient Housing Markets
| Rank | Market | Avg. home value | 3-year change (%) | 3-year change (£) |
|---|---|---|---|---|
| 1 | Lincolnshire | £155,580 | -11.23% | -£19,690 |
| 2 | Nottinghamshire | £137,949 | -10.97% | -£17,000 |
| 3 | South Yorkshire | £137,413 | -10.66% | -£16,396 |
| 4 | Worcestershire | £201,102 | -10.52% | -£23,632 |
| 5 | West Midlands | £160,502 | -10.40% | -£18,634 |
| 6 | West Yorkshire | £152,897 | -10.19% | -£17,345 |
| 7 | Isle of Wight | £193,639 | -10.13% | -£21,829 |
| 8 | Northamptonshire | £172,729 | -10.09% | -£19,379 |
| 9 | Greater Manchester | £151,946 | -9.94% | -£16,764 |
| 10 | North Somerset | £185,960 | -9.50% | -£19,517 |
Source: Zoopla.co.uk
- 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 the UK's most comprehensive property website, focused on empowering consumers with the resources they need to make better-informed property decisions. We help our users make sense of the residential property market by combining property listings with market value data, local information and community tools.
Zoopla.co.uk was founded on the principles of transparency and efficiency and everything we do aims to make the market more effective for both property consumers and professionals alike. By combining free, instant value estimates for every UK home with sold prices, local market information and hundreds of thousands of properties available for sale and to rent, Zoopla.co.uk has rapidly become the ultimate destination for property consumers to search for property and do their market research. Our unique features allow users to gain an insight into the market and discover information they won't find anywhere else. And, as a result, we have become one of the most valued sources of both applicant and vendor leads for UK estate agents.
Launched in 2008, we are the fastest growing property website in the UK, now attracting over 12 million visits per month and are proud to have been awarded numerous accolades including being listed in the Top 10 UK Tech Companies (Guardian) and the Top 10 Most Innovative UK Companies (Smarta 100) as well as being voted the UK's Best Property Portal (Web User, Daily Mail Awards, Website of the Year).
Zoopla Limited is a privately held company with a highly experienced and proven management team, led by Founder and CEO, Alex Chesterman, and backed by well-respected angel investors and leading venture capital firms Atlas Venture (atlasventure.com) and Octopus Ventures (octopusventures.com).