The latest half-year data from Zoopla adds to mounting evidence that the British property market is coming off the boil. Find out which areas are most affected.

What’s the latest?

Britain’s property market slowdown is showing signs of continuing, according to Zoopla's half-year data. However, despite dire predictions from some experts, there has not been a stark downturn in values.

Zoopla’s figures show that, as of June 30, the average home has risen in value by just £3,039 (or £16.79 a day) since the start of the year.

By contrast, in June 2016, the average property had increased by £13,852 (or £76.11 a day) over the preceding six-months. 

The total value of the British property market has grown by just 1.1% since the start of 2016, compared to 5.28% over the same six months last year.

Meanwhile, average values in the capital have stagnated. Today's prices are just 0.5% higher than they were in January compared to the 3.5% recorded this time last year. 

It brings the average value of a London home to £673,344.

Why is this happening?

The property market’s subdued activity has been blamed on factors such as uncertainty over the impact of Brexit, a squeeze on incomes and rising costs at the till.

The number of properties for sale has also been close to record lows, with a drop in new instructions.

Who does it affect?

A closer inspection of the figures reveals a patchwork of property 'micro-markets', some of which are bucking the slowdown trend.

For example, in the historic market town of Belper in the Peak District, the average home has risen in value by 7.43% (£16,597) since January.

And in Hove near Brighton, home values have jumped by 7.07% (£30,584) over the same period.

But it's a different story in Yorkshire’s Richmond, which is currently Britain’s worst performing town. Average prices there have dropped by 5.34% (£15,085) since the start of 2017.

In regional terms, properties in the West Midlands increased the most in value over the first half of the year, rising by 2.6% (£5,510). An average home in the region is now worth £217,534.

Wales sits at the bottom of Zoopla’s regional table (see below), with price drops of 0.86% (£1,553) putting average property prices at £179,354.

Sounds interesting. Tell me more.

Lawrence Hall, Zoopla’s spokesperson, said: "While growth has slowed to a more modest rate, we’re not seeing the stark downturn in values that has been predicted.

“And while a slowdown might not be what homeowners want to hear, it does present possible opportunity for those looking to get on the ladder by the end of the year.

Property experts elsewhere have commented on the recent increased number of active first-time buyers as a positive sign, particularly those who are taking advantage of buy-to-let investors prompted to leave the market following rises in tax and other legislative changes.

Mortgage lenders are also still offering a range of competitive mortgage deals.

Any other interesting data?

Zoopla also examined which keywords its users most commonly used in their search for a home. 'Garage', 'parking' and 'detached' were the most popular, followed by 'bungalow', 'garden' and 'annexe'.

London, Edinburgh and Bristol were the most searched-for locations on Zoopla.

Top 3 takeaways

  • The value of Britain’s average property has risen by £3,039 to £304,469 since January
  • Regionally, homes in West Midlands have increased the most, by 2.6%
  • House hunters are most interested in homes with plenty of parking

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 Regional value changes since January 2017:

Ranking

Region

January Value (£)

July Value (£)

£ Change

% Change

1

West Midlands

£212,024 

£217,534

£5,510

2.60%

2

East of England

£343,866

£352,552

£8,686

2.53%

3

Scotland

£177,792 

£180,878

£3,086

1.74%

4

Yorkshire and The Humber

£168,780

£170,629

£1,849

1.10%

5

East Midlands

£205,305

£207,019

£1,714

0.83%

6

North West England

£186,096

£187,503

£1,407

0.76%

7

South East England

£403,439

£406,130

£2,691

0.67%

8

London

£669,977

£673,344

£3,367

0.50%

9

South West England

£292,913

£293,689

£776

0.26%

10

North East England

£187,250

£185,820

-£1,430

-0.76%

11

Wales

£180,907

£179,354

-£1,553

-0.86%

Source: Zoopla, July 2017

 Best performing post towns since January 2017:

Ranking

Town

January Value (£)

July Value (£)

£ Change

% Change

1

Belper, Derbyshire

£223,330

£239,927

£16,597

7.43%

2

Hove, East Sussex

£432,363

£462,947

£30,584

7.07%

3

Todmorden, West Yorkshire

£143,299

£152,840

£9,541

6.66%

4

Woodbridge, Suffolk

£361,735

£385,585

£23,850

6.59%

5

Sudbury, Suffolk

£300,206

£319,907

£19,701

6.56%

6

Bexley, Kent

£448,550

£477,981

£29,431

6.56%

7

Langport, Somerset

£303,297

£323,171

£19,874

6.55%

8

Swanley, Kent

£340,572

£362,671

£22,099

6.49%

9

Worcester Park, London

£463,158

£492,850

£29,692

6.41%

10

Holyhead, Anglesey

£147,720

£157,015

£9,295

6.29%

Source: Zoopla, July 2017

Worst performing post towns since January 2017:

Ranking

Town

January Value (£)

July Value (£)

£ Change

% Change

1

Richmond, North Yorkshire

£282,624

£267,539

-£15,085

-5.34%

2

Leatherhead, Surrey

£837,621

£793,918

-£43,703

-5.22%

3

Walton-on-Thames, Surrey

£656,445

£622,217

-£34,228

-5.21%

4

Altrincham, Manchester

£484,788

£459,718

-£25,070

-5.17%

5

Pwllheli, Gwynedd

£239,853

£228,125

-£11,728

-4.89%

6

Weybridge, Surrey

£973,752

£926,228

-£47,524

-4.88%

7

Southwell, Nottinghamshire

£366,175

£349,602

-£16,573

-4.53%

8

Ellesmere Port, Cheshire

£172,697

£165,367

-£7,330

-4.24%

9

Burnley, Lancashire

£122,745

£117,677

-£5,068

-4.13%

10

Pontefract, West Yorkshire

£153,671

£147,502

-£6,169

-4.01%

Source: Zoopla, July 2017

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