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British property values fall 1.7% over first quarter of 2012

18th April 2012

The value of the average residential property in Britain fell by 1.7% during the first quarter of 2012 and now stands at £215,436 (down £3,708 from the end of 2011), according to leading property website Zoopla.co.uk. The latest drop means that average house prices in Britain are now 2.8% (£6,440) lower than one year ago.

The fall in house prices over the quarter was felt across Britain, however Scotland performed best with average property values falling only 1.4% to £162,777 over the quarter and still up 4.1% over the past 12 months. In England, average values have dropped 1.7% since the start of the year to £222,849 and are down 3.2% on a year ago, while average house prices in Wales fell by 1.5% over the quarter to 149,629 and remain 3.3% lower than a year ago.

Over the past 12 months, all but six cities in Britain’s have seen property prices fall. Edinburgh has performed best, up 5.2% over the last year whilst Huddersfield has performed worst with average home values down 6.4% over the same period. Even London has not been immune to the recent drops with property prices in the capital having fallen 2.1% over the past year.

Nicholas Leeming, business development director of Zoopla.co.uk, commented: “It has not been the best start to the year in terms of house prices however market activity has begun to show some positive signs of life. For some, the drop in prices is acting as an incentive to act, as more properties become affordable.”

Average property values in Britain by Region

Region April 2012 April 2011 % Change
Scotland £160,479 £154,210 4.1%
East Midlands £156,563 £158,367 -1.2%
East of England £229,735 £232,890 -1.4%
London £407,782 £416,559 -2.1%
South West England £221,052 £225,951 -2.2%
North East England £153,799 £157,611 -2.4%
West Midlands £167,232 £172,705 -3.2%
Wales £149,629 £154,731 -3.3%
South East England £274,760 £287,257 -4.4%
North West England £150,599 £159,129 -5.4%
Yorkshire & The Humber £138,569 £146,725 -5.6%

Source: Zoopla.co.uk April 2012


Best performing cities in Britain over last 12 months

Rank Location Avg. value (Apr 12) Avg.  value (Apr 11) % Change
1 Edinburgh £221,919 £210,936 5.20%
2 Dundee £147,510 £144,161 2.30%
3 Doncaster £125,880 £123,820 1.60%
4 Swansea £139,279 £138,097 0.90%
5 Bournemouth £212,370 £211,448 0.40%

Source: Zoopla.co.uk April 2012


Worst performing cities in Britain over last 12 months

Rank Location Avg. value (Apr 12) Avg.  value (Apr 11) % Change
1 Huddersfield £138,070 £147,531 -6.40%
2 Hull £106,950 £112,924 -5.30%
3 Lincoln £150,101 £158,093 -5.10%
4 Wigan £126,478 £132,986 -4.90%
5 Leeds £159,211 £165,832 -4.00%

Source: Zoopla.co.uk April 2012

- 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
VAT Registration number: 191 2231 33
Data Protection number: Z9972266

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