Thinking of buying or selling property in the New Year? We review how the housing market performed during the last 12 months.
The collective value of homes in Great Britain increased by £124 billion in 2019, pushing total housing wealth up to an inconceivable £7.8 trillion.
The typical house saw its price rise by £4,702 during the year – the equivalent of a gain of £12 a day, according to our latest property data.
Wales was the best performing region, with house prices rising by 3.9%. That's more than double the 1.6% average rate for Great Britain as a whole.
At the other end of the scale, property values edged ahead by just 0.6% in South East England in 2019.
Laura Howard, Zoopla consumer expert, said: “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.”
Which regions performed best?
Wales not only saw the strongest growth in percentage terms, but also in absolute ones, with the typical home in the region seeing its value increase by £7,154 or £19.60 per day in 2019.
The North West of England saw the second biggest percentage gain of 3.2%, followed by Yorkshire and the Humber, with house prices rising by 2.83%.
The average cost of a home in all three regions is below £200,000, highlighting the importance of affordability in driving house price gains in 2019.
Where was growth slowest?
Homes in the South East of England saw the slowest growth in 2019, with average prices rising by juts 0.6% or £2,393.
Gains were also subdued in the East of England, where property values rose by just 0.9% or £3,076.
The London market recovered slightly during the year, with house prices in the capital increasing by 1.1% or £6,939 – the second biggest gain in monetary terms for all regions.
The three regions that saw the slowest growth are also the three most expensive regions for house prices, reflecting how affordability constraints have acted as a break on the market.
What about individual towns?
Port Talbot on the Welsh coast was the town with the best performing housing market in 2019, with prices rising by 7.5% – nearly double the rate for Wales as a whole – adding an average of £23.22 a day to property values, which ended the year at £122,074.
Cwmbran, also in Wales, was the second best performing town with gains of 6.9% leaving the average home costing £168,212.
Leigh in Greater Manchester was in third place with a rise of 6.3%, with Cannock in Staffordshire and Edinburgh completing the top five with price increases of 5.4% and 5.2% respectively.
Property performed less well in Aberdeen, where the market continues to be impacted by the low oil price, with house prices falling by 3.9% during the year.
Falls of 1.8% were also recorded in Witney in Oxfordshire, while in Woking in Surrey, property values declined by 1.4%.
Top 3 takeaways
- The collective value of homes in Great Britain increased by £124 billion in 2019, pushing the total housing wealth up to £7.8 trillion
- The typical house saw its price rise by £4,702 during the year – the equivalent of a gain of £12 a day
- Wales was the best performing region, with house prices rising by 3.9%, more than double the rate recorded for the UK as a whole of 1.6%