Average home in Britain drops £7,500 in value over last year
18th October 2011
- Average British home value stands at £219,243, down 3.2% in last 12 months
- London and the South East only regions to record rises over the last year
- London and Aberdeen best performing cities, Northampton worst performing
Average property values in Britain now stand at £219,243, down £7,527 (3.2%) from one year ago, according to leading property website Zoopla.co.uk.
House prices in England have fallen by an average of £8,320 (£22.80 per day) to £226,788, down 3.54% from one year ago whilst in Wales average house prices have fallen by a more modest 1.73% (£2,695) to a current average of £153,043 and Scotland has seen the best of it over the past year with average home values almost unchanged since October last year, having fallen a mere 0.05% (£83) on average to £162,335.
In England, only London and the South East have managed to record rises in property values over the past year, with the average London home now worth £409,348, up 1.1% (£4,255) from October 2010. In the South East, the average homeowner has seen a gain of £1,004 from one year ago with average house prices up 0.36% to £279,463. By contrast, homes in the North East have not fared nearly as well, dropping 7.7% (£13,136) in value over the same period. (See Table 1 for full regional stats).
London and Aberdeen top the list of the best performing cities as the only cities in Britain to record a rise in average house prices over the past year. In London average property prices have gained 1.1% and in Aberdeen they have climbed 0.3% during the last 12 months. At the other end of the scale, it’s not been a good year for homeowners in Northampton or Leicester which top the list of the worst performing areas and where average property prices have fallen by over 6% since last October (See Tables 2 and 3 for best/worst performing cities).
Nicholas Leeming, business development director of Zoopla.co.uk, commented: “The contrast between the performance of the housing market in the South East and the North East over the past 12 months is stark. Unsurprisingly, London remains the best performing region in Britain. We are unlikely to see much of a rebound in the North whilst the first rung on the property ladder remains out of reach for many first-time buyers due to the near impossible task of securing a deposit and a mortgage.”
Table 1: Average property values by region
| Region | Avg. value today | Avg. value Oct 2010 | £ Change | % Change |
|---|---|---|---|---|
| London | £409,348 | £405,093 | £4,255 | 1.1% |
| South East England | £279,463 | £278,459 | £1,004 | 0.4% |
| Scotland | £162,335 | £162,418 | -£83 | -0.1% |
| South West England | £225,856 | £229,104 | -£3,248 | -1.4% |
| Wales | £153,043 | £155,738 | -£2,695 | -1.7% |
| East of England | £233,839 | £241,608 | -£7,769 | -3.2% |
| West Midlands | £171,070 | £176,928 | -£5,858 | -3.3% |
| Northern Ireland | £180,352 | £189,836 | -£9,484 | -5.0% |
| East Midlands | £160,149 | £169,705 | -£9,556 | -5.6% |
| North West England | £154,851 | £164,494 | -£9,643 | -5.9% |
| Yorkshire & The Humber | £141,424 | £150,525 | -£9,101 | -6.1% |
| North East England | £157,560 | £170,696 | -£13,136 | -7.7% |
Source: Zoopla.co.uk
Table 2: Best performing cities over the last 12 months
| Rank | City | Avg. value today | Avg. value Oct 2010 | £ Change | % Change |
|---|---|---|---|---|---|
| 1 | London | £409,348 | £405,093 | £4,255 | 1.1% |
| 2 | Aberdeen | £212,170 | £211,508 | £662 | 0.3% |
| 3 | Swansea | £147,396 | £147,725 | -£329 | -0.2% |
| 4 | Glasgow | £154,288 | £156,067 | -£1,779 | -1.1% |
| 5 | Cardiff | £184,964 | £187,380 | -£2,416 | -1.3% |
| 6 | Bristol | £221,706 | £224,891 | -£3,185 | -1.4% |
| 7 | Swindon | £178,020 | £181,431 | -£3,411 | -1.9% |
| 8 | Birmingham | £145,141 | £148,423 | -£3,282 | -2.2% |
| 9 | Reading | £281,921 | £288,749 | -£6,828 | -2.4% |
| 10 | Preston | £161,948 | £166,058 | -£4,110 | -2.5% |
Source: Zoopla.co.uk
Table 3: Worst performing cities over the last 12 months
| Rank | City | Avg. value today | Avg. value Oct 2010 | £ Change | % Change |
|---|---|---|---|---|---|
| 1 | Northampton | £174,428 | £186,265 | -£11,837 | -6.4% |
| 2 | Leicester | £166,026 | £177,041 | -£11,015 | -6.2% |
| 3 | Hull | £109,643 | £116,411 | -£6,768 | -5.8% |
| 4 | Doncaster | £128,131 | £135,939 | -£7,808 | -5.7% |
| 5 | Sheffield | £151,198 | £159,700 | -£8,502 | -5.3% |
| 6 | Plymouth | £163,735 | £172,921 | -£9,186 | -5.3% |
| 7 | Norwich | £187,227 | £197,613 | -£10,386 | -5.3% |
| 8 | Wolverhampton | £154,031 | £161,895 | -£7,864 | -4.9% |
| 9 | Southampton | £212,093 | £222,468 | -£10,375 | -4.7% |
| 10 | Bolton | £132,862 | £139,349 | -£6,487 | -4.7% |
Source: Zoopla.co.uk
- Ends -
For further information, please contact PR Team on pr@zoopla.co.uk or +44 (0)20 3873 8770.
About Zoopla
Hello. We're Zoopla. A property website and app.
We know you're not just looking for a place to live. You're looking for a home.
Yeah, we've got over a million properties for you to browse.
Tools that let you filter them in all kinds of clever ways.
And reliable house price estimates, so you can be sure you aren't paying over the odds.
But we know you're looking for more than that.
Because that first flat won't just be a 'great investment opportunity'.
It'll be the feeling of starting out on your own.
That extra bedroom won't just mean another £20K on the re-sale price, it'll mean having your sister over to stay.
And that bungalow won't just be a way to release some equity, it will be a chance to spend more time with the grandkids.
We know that searching for a home is about more than just checking its price, location and features (important as all those things are).
What really matters is how it makes you feel.
We know what a home is really worth.
So let us help you find yours.
Zoopla is part of Zoopla Limited which was founded in 2007.
Zoopla Limited, The Cooperage, 5 Copper Row, London, SE1 2LH
Registered in England and Wales with Company No. 06074771
VAT Registration number: 191 2231 33
Data Protection number: Z9972266