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Average home in Britain drops £7,500 in value over last year

18th October 2011

  • Average British home value stands at £219,243, down 3.2% in last 12 months
  • London and the South East only regions to record rises over the last year
  • London and Aberdeen best performing cities, Northampton worst performing

Average property values in Britain now stand at £219,243, down £7,527 (3.2%) from one year ago, according to leading property website Zoopla.co.uk.

House prices in England have fallen by an average of £8,320 (£22.80 per day) to £226,788, down 3.54% from one year ago whilst in Wales average house prices have fallen by a more modest 1.73% (£2,695) to a current average of £153,043 and Scotland has seen the best of it over the past year with average home values almost unchanged since October last year, having fallen a mere 0.05% (£83) on average to £162,335.

In England, only London and the South East have managed to record rises in property values over the past year, with the average London home now worth £409,348, up 1.1% (£4,255) from October 2010. In the South East, the average homeowner has seen a gain of £1,004 from one year ago with average house prices up 0.36% to £279,463. By contrast, homes in the North East have not fared nearly as well, dropping 7.7% (£13,136) in value over the same period. (See Table 1 for full regional stats).

London and Aberdeen top the list of the best performing cities as the only cities in Britain to record a rise in average house prices over the past year. In London average property prices have gained 1.1% and in Aberdeen they have climbed 0.3% during the last 12 months. At the other end of the scale, it’s not been a good year for homeowners in Northampton or Leicester which top the list of the worst performing areas and where average property prices have fallen by over 6% since last October (See Tables 2 and 3 for best/worst performing cities).

Nicholas Leeming, business development director of Zoopla.co.uk, commented: “The contrast between the performance of the housing market in the South East and the North East over the past 12 months is stark. Unsurprisingly, London remains the best performing region in Britain. We are unlikely to see much of a rebound in the North whilst the first rung on the property ladder remains out of reach for many first-time buyers due to the near impossible task of securing a deposit and a mortgage.”


Table 1: Average property values by region

Region Avg. value today Avg. value Oct 2010 £ Change % Change
London £409,348 £405,093 £4,255 1.1%
South East England £279,463 £278,459 £1,004 0.4%
Scotland £162,335 £162,418 -£83 -0.1%
South West England £225,856 £229,104 -£3,248 -1.4%
Wales £153,043 £155,738 -£2,695 -1.7%
East of England £233,839 £241,608 -£7,769 -3.2%
West Midlands £171,070 £176,928 -£5,858 -3.3%
Northern Ireland £180,352 £189,836 -£9,484 -5.0%
East Midlands £160,149 £169,705 -£9,556 -5.6%
North West England £154,851 £164,494 -£9,643 -5.9%
Yorkshire & The Humber £141,424 £150,525 -£9,101 -6.1%
North East England £157,560 £170,696 -£13,136 -7.7%

Source: Zoopla.co.uk


Table 2: Best performing cities over the last 12 months

Rank City Avg. value today Avg. value Oct 2010 £ Change % Change
1 London £409,348 £405,093 £4,255 1.1%
2 Aberdeen £212,170 £211,508 £662 0.3%
3 Swansea £147,396 £147,725 -£329 -0.2%
4 Glasgow £154,288 £156,067 -£1,779 -1.1%
5 Cardiff £184,964 £187,380 -£2,416 -1.3%
6 Bristol £221,706 £224,891 -£3,185 -1.4%
7 Swindon £178,020 £181,431 -£3,411 -1.9%
8 Birmingham £145,141 £148,423 -£3,282 -2.2%
9 Reading £281,921 £288,749 -£6,828 -2.4%
10 Preston £161,948 £166,058 -£4,110 -2.5%

Source: Zoopla.co.uk


Table 3: Worst performing cities over the last 12 months

Rank City Avg. value today Avg. value Oct 2010 £ Change % Change
1 Northampton £174,428 £186,265 -£11,837 -6.4%
2 Leicester £166,026 £177,041 -£11,015 -6.2%
3 Hull £109,643 £116,411 -£6,768 -5.8%
4 Doncaster £128,131 £135,939 -£7,808 -5.7%
5 Sheffield £151,198 £159,700 -£8,502 -5.3%
6 Plymouth £163,735 £172,921 -£9,186 -5.3%
7 Norwich £187,227 £197,613 -£10,386 -5.3%
8 Wolverhampton £154,031 £161,895 -£7,864 -4.9%
9 Southampton £212,093 £222,468 -£10,375 -4.7%
10 Bolton £132,862 £139,349 -£6,487 -4.7%

Source: Zoopla.co.uk

- Ends -

For further information, please contact Tim Vooght at pr@zoopla.co.uk or on 020 3872 5615.

Notes to editors

Zoopla is the UK's most comprehensive property website, focused on empowering users with the resources they need to make better-informed property decisions. We help consumers both find their next home and research the market by combining hundreds of thousands of property listings with market data, local information and community tools.

At Zoopla we are fans of transparency and everything we do is aimed at making the market more efficient for both property consumers and advertisers alike. Zoopla has rapidly become the UK’s leading online destination for property consumers to search for homes and do their market research and the favoured online marketing partner for UK estate agents, letting agents and property developers.

Launched in 2008, Zoopla has since been one of the fastest growing websites in the UK, now attracting over 40 million visits per month and we are proud to have collected numerous awards and accolades along the way, including being named one of the Top 10 UK Tech Companies (Guardian) and one of the Top 10 Most Innovative UK Companies (Smarta).

Zoopla is part of Zoopla Limited which was founded in 2007.

Zoopla Limited, The Cooperage, 5 Copper Row, London, SE1 2LH
Registered in England and Wales with Company No. 09005884
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