Homes values hit 8 month low…falling every month since last July
21st March 2011
- British property values down 11% from last July
- Avg. house price down by £26k in England
- With house prices 18% below peak, is now time to buy?
- North East remains hardest hit area, London most resilient
Having hit a 5-year low in February 2009, UK property values rose steadily during the rest of that year and throughout the first half of 2010, but have since fallen for the past eight successive months, accordingly to the latest data from property website Zoopla.co.uk, by an average of 11.09% since last summer, creating a potential buying opportunity.
Property prices in England have fallen by an average of £26,240 (11.06%) since last July, whilst in Scotland they are down on average by £21,489 (12.37%) and in Wales by £17,205 (10.73%). The average home values now stand at £211,003 in England, £152,106 in Scotland and £143,182 in Wales according to Zoopla.co.uk, which provides free value estimates of every UK home.
Across Britain, average house prices are now 18.01% (£45,594) below their peak, with the average house price at £201,911 compared to £247,505 in October 2007. The recent dip over the past 8 months could well have created a buying opportunity if prices start to pick up in the second half of the year as predicted by many.
Regionally, the North East has been hardest hit over the past few months, down 14.12% since last July with average local house prices now at £146,242. Not surprisingly, London has proved most resilient down only 7.59% over the same period to an average of £378,295 today. Property values in the North East now stand at 24.39% below their October 2007 peak, a massive drop of £47,173, compared to London where prices now are only 8.36% below the peak levels having fallen £34,527.
Nicholas Leeming, business development director of Zoopla.co.uk, commented: "Whilst it has been a challenging period for the property market over the past few months, the recent dip in prices and the notable variance between regions may have created some interesting buying opportunities. The first half of 2010 provided strong gains in market values but, since last summer, economic uncertainty and lending constraints have eroded these gains and put downward pressure on house prices.”
House price drops by county
|Country||Avg.Val Mar ‘11||Chnge since Jul ‘10||Avg. val Oct ’07 peak||Chnge since Oct ’07 peak|
House price drops by region
|Region||Avg. Val Mar ‘11||Chnge since Jul ‘10||Avg. val Oct '07 peak||Change since Oct ’07 peak|
|North East England||£146,242||-14.12%||£193,415||-24.39%|
|South West England||£208,806||-12.73%||£261,879||-20.27%|
|East of England||£216,186||-12.56%||£268,517||-19.49%|
|South East England||£257,211||-12.19%||£313,010||-17.83%|
|Yorkshire & The Humber||£133,915||-11.69%||£172,216||-22.24%|
|North West England||£148,269||-9.56%||£189,378||-21.71%|
- Ends -
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