Total value of British housing market hits £7.8 trillion in 2019, up £124bn over the last 12 months

27th December 2019

 

• The growth equates to £12 per day for the average property

• Wales saw the value of all homes increase the most, up 3.9%

• Port Talbot, Cwmbran and Leigh are the top towns for property price growth

• Total value of housing in London grows 1.1%, with the average value of all London housing at £632,480

 

Zoopla, the UK’s most comprehensive property destination, has analysed the estimated price of all housing in Great Britain and tracked how values have changed over 2019. The analysis has revealed the total value of the British housing market has increased by £124bn in 2019, an increase of 1.6%. This rise in value equates to £4,702 for the average British home over the course of the past 12 months, equivalent to £12 per day.

 

The total value of housing in Wales has risen the most over the past 12 months, growing 3.9 per cent to an average of £189,244. This is followed by Scotland where the whole housing market has seen values increase by 2.2 per cent to an average of £171,195. England, however has lagged behind with growth of 1.5 per cent, bringing the average value of a property to £316,784.

 

On a regional level, the North West follows Wales in second place, where the average home is now valued at £190,645 - up 3.2 per cent. At the other end of the table, values rose lowest by 0.6 per cent in the South East and 0.9 per cent in the East of England. Meanwhile in London house prices rose by 1.1 per cent on average.

 

A closer look at individual towns reveals the Port Talbot on the Welsh coast was 2019’s biggest winner, with the total value of housing increasing in value by 7.5 per cent - almost double the average rate of Wales. Staying in Wales, Cwmbran is in second place, with properties rising by 6.9 per cent to an average of £168,212. Elsewhere Leigh in Greater Manchester, takes third place with values increasing by 6.3 per cent in the past 12 months, bringing the average property price to £127,148.

 

In contrast the oil capital of Britain, Aberdeen, is at the bottom of the table with prices there falling an average 3.9 per cent to £189,965. Witney in Oxfordshire follows with values declining 1.8 per cent to £390,376, while Woking in Surrey is third last after experiencing an average decrease of 1.4 per cent, taking the average property value there down to £538,496.

  

Laura Howard, Zoopla consumer expert, said: “Affordability levels remain attractive in many areas outside of Southern England. Rising employment and low mortgage rates have led to improving values in many regions. However, while Scotland has seen some of the biggest price growth, Aberdeen’s housing market continues to suffer from the fallout from the drop in oil prices and as a result saw Britain's biggest decline.

 

“While all regions saw growth in 2019, over the past two years the housing market has been characterised by flat or falling prices in London and southern regions, where tax changes and stretched affordability have impacted demand for expensive properties.

 

“Our latest analysis highlights there is no single UK housing market and trends vary across and within local housing markets driven by local economic factors. Estate agents have their finger on the pulse on the latest trends in supply and demand and are a great source of knowing what is happening in their market ”

 

-ENDS-

 

Highest ranked average property value increases by country

 

Source: Zoopla, December 2019

 

Highest ranked average property value increases by region

 

Source: Zoopla, December 2019

 

 

Highest ranked towns for property price growth

 

Source: Zoopla, December 2019

 

 

Lowest ranked towns for property price growth

 

Source: Zoopla, December 2019

 

 

- Ends -

For further information, please contact PR Team on pr@zoopla.co.uk or +44 (0)20 3873 8770.

 

This analysis is based on Zoopla price estimates for all homes across Great Britain comparing values between 1st December 2018 and 30th November 2019 and provides a comprehensive 12 month review of the change in the value of all housing. 

 

This analysis differs from the Zoopla Cities House Price Index where the data on price changes is based on property transactions, as is the case with other house price indices. Around 5% of homes trade each year and house price indices use this data. This analysis looks at the price estimates for all homes including the 95% of homes that do not sell.

 

For further information:

Tim Vooght, Zoopla 

0203 873 8770 

pr@zoopla.co.uk 

 

About Zoopla

The Zoopla Limited property division includes some of the UK's leading property portal, software, marketing and data insights brands that help property professionals market their properties, promote their brand, make informed decisions and manage their business efficiently. Our websites and apps attract over 50 million visits per month and over 25,000 business partners use our range of services.

 

• Zoopla is the UK's most comprehensive property portal, helping consumers research the market and find their next home by combining hundreds of thousands of property listings with market data and local information. 

• PrimeLocation is one of the UK's leading property websites, helping house-hunters in the middle / upper tiers of the market to find their dream home from the top estate and letting agents and property developers.

• SmartNewHomes is the UK's leading website dedicated exclusively to new builds, helping buyers understand the market and search for new build homes from all the leading property developers across the country.

• Hometrack and Calcasa are leading providers of automated property valuations and statistical property market insights in the UK and the Netherlands to partners including mortgage lenders, developers, investors, government agencies, housing associations and others.

• Alto, Jupix and Expert Agent are some of the leading cloud-based estate agency and property management software systems used by thousands of property professionals across the UK for the day-to-day management of inventory, marketing and communications.

• PropertyFile is used by estate agents to improve communication and efficiency with their customers and to allow them to generate additional revenue streams via referrals.

• TechnicWeb specialises in designing, developing, hosting and operating fully-responsive websites for the property sector.

• Ravensworth is a leading provider of print and design solutions to estate agencies and developers, offering a comprehensive range of products and services for every stage of the property marketing journey from listing through to post-sale.

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