England's wealthiest (and poorest) housing markets
Windsor & Maidenhead wealthiest area outside London with average property values of £409,939
North Lincolnshire poorest area in England with average house prices 44% below national average
Avg. property value in England now stands at £225,045, 8.7% below peak reached 3 years ago but up 11.2% from March 09 lows
Windsor & Maidenhead is the area with the highest average property value in the country, outside of London, according to the latest figures from leading property website, Zoopla.co.uk. The average house price in Windsor & Maidenhead is now £409,939, a mere £3,411 below the average London house price, which is currently £413,350.
In contrast, average property prices in North Lincolnshire currently stand at £124,921, the lowest in the nation and a staggering 70% less than in London and 45% below the national average, highlighting the growing North/South divide in house prices.
The statistics released today by Zoopla.co.uk, which provides free value data on every property in the country, also show that all of the top 10 wealthiest housing markets are located in the South. South Gloucestershire (£384,102), Surrey (£357,863) and Hertfordshire (£317,687) round out the list of areas with the highest property values in England. Meanwhile, the North is home to all of the top 10 poorest housing markets in the country, with Hartlepool (£124,949), Durham (£133,257), South Yorkshire (£137,413) and Nottinghamshire (£137,949) not far behind North Lincolnshire.
Top 10 Wealthiest Housing Markets
Rank | Market | Avg. home value |
|---|---|---|
1 | London | £413,350 |
2 | Windsor & Maidenhead | £409,939 |
3 | South Gloucestershire | £384,102 |
4 | Surrey | £357,863 |
5 | Hertfordshire | £317,687 |
6 | Oxfordshire | £300,642 |
7 | Buckinghamshire | £289,764 |
8 | Bath & N E Somerset | £287,332 |
9 | Berkshire | £274,241 |
10 | West Sussex | £269,774 |
Source: Zoopla.co.uk
Top 10 Poorest Housing Markets
Rank | Market | Avg. home value |
|---|---|---|
1 | North Lincolnshire | £124,921 |
2 | Hartlepool | £124,949 |
3 | Durham | £133,257 |
4 | South Yorkshire | £137,413 |
5 | Nottinghamshire | £137,949 |
6 | Merseyside | £140,847 |
7 | Lancashire | £146,079 |
8 | Tyne & Wear | £150,862 |
9 | Greater Manchester | £151,946 |
10 | Staffordshire | £152,743 |
Source: Zoopla.co.uk
Given it is now almost 3 years since the housing market in England peaked in late 2007, Zoopla.co.uk also studied how each area has fared since the downturn began and it is clear that some markets have weathered the storm far better than others. Average property values in England as a whole remain 8.7% below their peak levels of 3 years ago and now stand at £225,045, representing an average loss in value of £21,303 over the past 3 years, but are up by 11.2% over the past 18 months from the lows reached in March 2009.
Whilst the London property market has proven far more resilient than most with average house prices now only 3.5% below their September 2007 level, the area where house prices have bounced back strongest is Bath & NE Somerset where property values are now only 1.5% below where they were 3 years ago. At the other end of the scale, the country's biggest loser is Lincolnshire where property prices remain 11.2% below their peak levels, despite having risen by more than 8% in the past 18 months from the March 2009 lows.
Oxfordshire came in third place in terms of the most resilient housing markets with home values now only 4.7% below where they were 3 years ago, followed closely by Warwickshire (down 4.78%) and Hertfordshire (down 4.9%) since September 2007. However, Nottinghamshire (down 11%), South Yorkshire (down 10.7%), Worcestershire (down 10.5%) and the West Midlands (down 10.4%) have not fared much better than Lincolnshire.
Nicholas Leeming, Commercial Director of Zoopla.co.uk comments: "In terms of both current house prices and market performance over the past 3 years, there is a clear north-south divide. The manufacturing base of the Midlands was severely hit by the recession and heavy job losses have taken their toll on the region's economy. As the economy strengthens the housing market will likely perform best in those areas least sensitive to the upcoming public sector cuts and the property divide looks set to get even wider."
Top 10 Most Resilient Housing Markets
Rank | Market | Avg. home value | 3-year change (%) | 3-year change (£) |
|---|---|---|---|---|
1 | Bath & NE Somerset | £287,332 | -1.51% | -£4,398 |
2 | London | £413,350 | -3.45% | -£14,785 |
3 | Oxfordshire | £300,642 | -4.67% | -£14,723 |
4 | Warwickshire | £213,314 | -4.77% | -£10,677 |
5 | Hertfordshire | £317,687 | -4.90% | -£16,368 |
6 | West Sussex | £269,774 | -4.98% | -£14,126 |
7 | South Gloucestershire | £384,102 | -5.13% | -£20,761 |
8 | West Berkshire | £298,439 | -5.30% | -£16,690 |
9 | Hampshire | £252,283 | -5.35% | -£14,249 |
10 | Surrey | £357,863 | -5.49% | -£20,795 |
Source: Zoopla.co.uk
Top 10 Least Resilient Housing Markets
Rank | Market | Avg. home value | 3-year change (%) | 3-year change (£) |
|---|---|---|---|---|
1 | Lincolnshire | £155,580 | -11.23% | -£19,690 |
2 | Nottinghamshire | £137,949 | -10.97% | -£17,000 |
3 | South Yorkshire | £137,413 | -10.66% | -£16,396 |
4 | Worcestershire | £201,102 | -10.52% | -£23,632 |
5 | West Midlands | £160,502 | -10.40% | -£18,634 |
6 | West Yorkshire | £152,897 | -10.19% | -£17,345 |
7 | Isle of Wight | £193,639 | -10.13% | -£21,829 |
8 | Northamptonshire | £172,729 | -10.09% | -£19,379 |
9 | Greater Manchester | £151,946 | -9.94% | -£16,764 |
10 | North Somerset | £185,960 | -9.50% | -£19,517 |
Source: Zoopla.co.uk
- Ends -
About Zoopla
Hello. We're Zoopla. A property website and app.
We know you're not just looking for a place to live. You're looking for a home.
Yeah, we've got over a million properties for you to browse.
Tools that let you filter them in all kinds of clever ways.
And reliable house price estimates, so you can be sure you aren't paying over the odds.
But we know you're looking for more than that.
Because that first flat won't just be a 'great investment opportunity'.
It'll be the feeling of starting out on your own.
That extra bedroom won't just mean another £20K on the re-sale price, it'll mean having your sister over to stay.
And that bungalow won't just be a way to release some equity, it will be a chance to spend more time with the grandkids.
We know that searching for a home is about more than just checking its price, location and features (important as all those things are).
What really matters is how it makes you feel.
We know what a home is really worth.
So let us help you find yours.
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. 06074771 VAT Registration number: 191 2231 33 Data Protection number: Z9972266