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TODAY'S OTHER NEWS

House values: the UK’s best and worst regions for price growth

The average property increased in value by £2,046 during the first half of 2019, led by gains in the West Midlands, new figures show.

Fresh analysis of Zoopla house price data has revealed that British homes have increased in value by an average of £11 per day since the beginning of the year. 

The West Midlands leads the way as Britain’s best-performing region, with the average value of homes increasing by £36.58 per day, or £6,695 in total, since the start of the year.

The South East is close behind, where homeowners have seen their properties gain on average £35.32 each day, or £6,463 in total, over the past six months, whilst the North West is in third place, increasing by £20.39 per day, or £3,731 in total.

London is Britain’s worst-performing region with average property prices decreasing by £71 each day, or £13,035 in total since the start of 2019. This was followed by Scotland, were values dropped £20.59 per day, or -£3,768 in total.

Regional value changes since January 2019

Rank

Region

January value (£)

July value (£)

£ total change

£ change per day

1

West Midlands

230,676

237,371

£6,695

£36.58

2

South East England

406,821

413,284

£6,463

£35.32

3

North West England

198,446

202,177

£3,731

£20.39

4

Wales

190,610

193,910

£3,300

£18.03

5

Yorkshire and The Humber

181,918

184,181

£2,263

£12.37

6

East of England

360,707

362,823

£2,116

£11.56

7

East Midlands

224,352

226,177

£1,825

£9.97

8

North East England

192,388

193,663

£1,275

£6.97

9

South West England

309,333

310,165

£832

£4.55

10

Scotland

194,942

191,174

-£3,768

-£20.59

11

London

670,535

657,500

-£13,035

-£71.23

 

On a more local level, homeowners in Berkhamsted in Hertfordshire have seen the most value added to their properties so far in 2019, with the average home here gaining £185.11 each day in value or £33,875 in total.

Close behind is Reigate in Surrey, which experienced daily growth of £184.28 per day followed by Epping in Essex, with prices up £178.45 per day.

Top 10 post towns for value increases since January

Rank

Town

January value (£)

July value (£)

£ total change

£ change per day

1

Berkhamsted

683,356

717,231

£33,875

£185.11

2

Reigate

583,392

617,115

£33,723

£184.28

3

Epping

593,587

626,244

£32,657

£178.45

4

Billericay

523,326

554,625

£31,299

£171.03

5

Winchester

537,660

568,681

£31,021

£169.51

6

Bushey

565,030

593,849

£28,819

£157.48

7

Ware

462,779

489,563

£26,784

£146.36

8

Godalming

593,181

619,963

£26,782

£146.35

9

Uckfield

440,467

464,636

£24,169

£132.07

10

Waltham Cross

399,642

423,025

£23,383

£127.78

At the other end of the scale, Leatherhead in Surrey was the worst-performing town in Britain for house prices in the first half of 2019, with the average property value falling by £89.12 in value each day, or £16,309 in total.

The second and third largest reductions in housing values were seen in Weybridge, also in Surrey, and Amersham in Buckinghamshire, where the average properties reduced in value by £88.89 and £86.31 per day since January 1st respectively,

Bottom 10 post towns for value increases since January

Rank

Town

January value (£)

July value (£)

£ total change

£ change per day

1

Leatherhead

802,225

785,916

-£16,309

-£89.12

2

Weybridge

908,346

892,080

-£16,266

-£88.89

3

Amersham

740,540

724,745

-£15,795

-£86.31

4

Hertford

527,058

512,848

-£14,210

-£77.65

5

Egham

515,050

502,072

-£12,978

-£70.92

6

Marlborough

497,981

486,209

-£11,772

-£64.33

7

Littlehampton

343,106

331,396

-£11,710

-£63.99

8

Woodbridge

400,807

389,195

-£11,612

-£63.45

9

Tunbridge Wells

506,606

495,418

-£11,188

-£61.14

10

Wallingford

486,133

475,548

-£10,585

-£57.84

Whilst across the capital the average home decreased in value, there were still pockets of London where the average value increased.

Homeowners in Notting Hill and Holland Park (both W11) saw the biggest increase of postcodes in London to the value of their properties, with an average of £141.46 being added each day, or £25,888 in total since the beginning of the year.

Top 10 London outcodes for value increases since January 

Rank

Area

January value (£)

July value (£)

£ total change

£ change per day

1

Notting Hill, Holland Park W11

2,026,989

2,052,877

£25,888

£141.46

2

Paddington, Bayswater, Hyde Park W2

1,280,545

1,297,948

£17,403

£95.10

3

Shepherds Bush W12

745,279

761,873

£16,594

£90.68

4

West Kensington, Holland Park W14

1,099,308

1,114,007

£14,699

£80.32

5

Upper Holloway, Archway, Tufnell Park N19

667,290

681,176

£13,886

£75.88

6

South Tottenham, Seven Sisters N15

478,447

491,489

£13,042

£71.27

7

Maida Vale, Warwick Avenue, Maida Hill W9

931,826

944,596

£12,770

£69.78

8

Chiswick W4

1,068,453

1,080,539

£12,086

£66.04

9

Forest Hill SE23

524,360

535,580

£11,220

£61.31

10

Ealing W5

781,911

792,882

£10,971

£59.95

Meanwhile, homes in another prime London location, Hampstead, Belsize Park and Swiss Cottage (NW3), declined the most in value; falling on average by -£179.28 each day or £32,808 in total since January. 

Bottom 10 London outcodes for value increases since January

Rank

Area

January value (£)

July value (£)

£ total change

£ change per day

1

Hampstead, Belsize Park, Swiss Cottage NW3

1,516,259

1,483,451

-£32,808

-£179.28

2

Barnes, Castelnau SW13

1,545,100

1,528,522

-£16,578

-£90.59

3

South Woodford E18

574,760

559,624

-£15,136

-£82.71

4

Camden Town, Regent's Park, Marylebone (north) NW1

1,035,180

1,020,565

-£14,615

-£79.86

5

Hampstead Garden Suburb, Golders Green NW11

1,225,600

1,211,781

-£13,819

-£75.51

6

Mill Hill NW7

749,699

736,156

-£13,543

-£74.01

7

Mortlake, East Sheen SW14

1,045,195

1,032,724

-£12,471

-£68.15

8

West Wimbledon, Raynes Park, Cottenham Park, South Wimbledon SW20

780,924

768,793

-£12,131

-£66.29

9

Cricklewood, Dollis Hill, Neasden NW2

661,483

650,741

-£10,742

-£58.70

10

Bethnal Green, Shoreditch E2

485,254

474,519

-£10,735

-£58.66

Laura Howard, spokesperson for Zoopla, commented: “The UK housing market gained £60bn in value during the first six months of the year. An increase in the total value of housing was recorded across nine of the 11 regions analysed, with average property values in the West Midlands making the most money for homeowners.

“Perhaps then, it is no coincidence that in the last six months residents in the West Midlands, more specifically those in Birmingham, have been the most regular visitors to Zoopla’s house prices tool, which gives a price estimate for the value of homes, down to a single address.

“At the other end of the spectrum, residential values in London have continued on the downward trajectory of the last three years. However, a patchwork of micro-markets in the capital means there are a number of neighbourhoods - from Notting Hill to Forest Hill - that are bucking the trend of price falls and registering price rises.

“The difference in London’s house price activity is perhaps reflected by the fact that three of its boroughs (Wandsworth, Bromley and Croydon) feature in our top 10 locations where residents most-used our house prices tool. Homeowners in those areas are eagerly looking to see whether their home is increasing or decreasing in value in a mixed performance market.

“Whilst our house price tool is a helpful starting point for consumers, we always recommend vendors, buyers, landlords and tenants alike speak to one of our local agents who will be able to provide a wealth of industry knowledge and on the ground insights on local markets.”

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