British property values fall 1.7% over first quarter of 2012
18th April 2012
The value of the average residential property in Britain fell by 1.7% during the first quarter of 2012 and now stands at £215,436 (down £3,708 from the end of 2011), according to leading property website Zoopla.co.uk. The latest drop means that average house prices in Britain are now 2.8% (£6,440) lower than one year ago.
The fall in house prices over the quarter was felt across Britain, however Scotland performed best with average property values falling only 1.4% to £162,777 over the quarter and still up 4.1% over the past 12 months. In England, average values have dropped 1.7% since the start of the year to £222,849 and are down 3.2% on a year ago, while average house prices in Wales fell by 1.5% over the quarter to 149,629 and remain 3.3% lower than a year ago.
Over the past 12 months, all but six cities in Britain’s have seen property prices fall. Edinburgh has performed best, up 5.2% over the last year whilst Huddersfield has performed worst with average home values down 6.4% over the same period. Even London has not been immune to the recent drops with property prices in the capital having fallen 2.1% over the past year.
Nicholas Leeming, business development director of Zoopla.co.uk, commented: “It has not been the best start to the year in terms of house prices however market activity has begun to show some positive signs of life. For some, the drop in prices is acting as an incentive to act, as more properties become affordable.”
Average property values in Britain by Region
| Region | April 2012 | April 2011 | % Change |
|---|---|---|---|
| Scotland | £160,479 | £154,210 | 4.1% |
| East Midlands | £156,563 | £158,367 | -1.2% |
| East of England | £229,735 | £232,890 | -1.4% |
| London | £407,782 | £416,559 | -2.1% |
| South West England | £221,052 | £225,951 | -2.2% |
| North East England | £153,799 | £157,611 | -2.4% |
| West Midlands | £167,232 | £172,705 | -3.2% |
| Wales | £149,629 | £154,731 | -3.3% |
| South East England | £274,760 | £287,257 | -4.4% |
| North West England | £150,599 | £159,129 | -5.4% |
| Yorkshire & The Humber | £138,569 | £146,725 | -5.6% |
Source: Zoopla.co.uk April 2012
Best performing cities in Britain over last 12 months
| Rank | Location | Avg. value (Apr 12) | Avg. value (Apr 11) | % Change |
|---|---|---|---|---|
| 1 | Edinburgh | £221,919 | £210,936 | 5.20% |
| 2 | Dundee | £147,510 | £144,161 | 2.30% |
| 3 | Doncaster | £125,880 | £123,820 | 1.60% |
| 4 | Swansea | £139,279 | £138,097 | 0.90% |
| 5 | Bournemouth | £212,370 | £211,448 | 0.40% |
Source: Zoopla.co.uk April 2012
Worst performing cities in Britain over last 12 months
| Rank | Location | Avg. value (Apr 12) | Avg. value (Apr 11) | % Change |
|---|---|---|---|---|
| 1 | Huddersfield | £138,070 | £147,531 | -6.40% |
| 2 | Hull | £106,950 | £112,924 | -5.30% |
| 3 | Lincoln | £150,101 | £158,093 | -5.10% |
| 4 | Wigan | £126,478 | £132,986 | -4.90% |
| 5 | Leeds | £159,211 | £165,832 | -4.00% |
Source: Zoopla.co.uk April 2012
- Ends -
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