Million home value boom: 1m UK homes see value increases of 50 per cent or more in the last five years, an average gain of £117,400
Eight in ten UK homes increased in value by over five per cent or more, an average increase of £60,800, with house values seeing a gradual increase since the 2020 pandemic
Over half of the homes that have increased in value by 50 per cent or more since the pandemic are in the North West, Yorkshire and the Humber and Wales with average value increases of £77,100, £86,200 and £90,700 respectively
Homes in the south of England have recorded moderate increases in value, with half increasing by less than 20 per cent and just two per cent up by 50 per cent
13 per cent of homes in London have seen their value fall by five per cent or more since the pandemic, with losses concentrated in high value areas like Westminster and Kensington and Chelsea
Aberdeen has seen over half of its homes fall in value, by an average of £25,700, as its status as the oil capital of Europe diminishes
London: New analysis(1) from Zoopla, one of the UK’s leading property websites, reveals that one million homes in the UK have seen their value increase by 50 per cent or more since the pandemic five years ago, an average increase of £117,400. Eight in ten homes have increased by over five per cent with these homeowners sitting on average gains of £60,800.
House values have increased gradually by an average of 20 per cent since the 2020 pandemic, with some areas experiencing more significant value increases than others. This is despite a drop in buyer demand in 2023 caused by higher borrowing costs since 2022.
Homes see biggest increase in value in northern England and Wales
Over half of the homes that have seen their value increase by 50 per cent or more in the last five years are in the North West, Yorkshire and the Humber and Wales, with these areas seeing average value increases of £77,100, £86,200 and £90,700 respectively.
This significant growth can be attributed to a combination of factors, including pandemic and lifestyle-led changes in buyer requirements that have prompted interest in previously overlooked areas that offer excellent value for money. Additionally, substantial rental growth in cities across these areas has encouraged first-time buyers to purchase in more affordable areas where buying can be a cheaper alternative. Over the last five years these markets have continued to benefit from above-average buyer interest even as mortgage rates increased in 2023 due to better value for money.
Table 1: Average value change for homes that have seen gains of 50 per cent by region
Region/ Country | % of homes increasing in value by over 50% | Average value of a home with 50%< gains (Jun 20) | Average value of a home with 50%< gains (Jun 25) | Avg. £ value change of homes with value increases of 50% or more |
London | 1% | £454,100 | £825,100 | £371,000 |
South East | 2% | £387,700 | £687,300 | £299,600 |
East of England | 2% | £292,700 | £518,800 | £226,100 |
South West | 3% | £287,200 | £503,500 | £216,300 |
East Midlands | 4% | £163,000 | £277,300 | £114,300 |
West Midlands | 4% | £166,900 | £278,200 | £111,300 |
Scotland | 6% | £129,900 | £222,900 | £93,000 |
Wales | 11% | £140,100 | £230,800 | £90,700 |
Yorkshire and The Humber | 6% | £129,300 | £215,500 | £86,200 |
North West | 12% | £122,200 | £199,300 | £77,100 |
North East | 5% | £99,500 | £168,700 | £69,200 |
UK | 5% | £167,900 | £285,300 | £117,400 |
Source: Zoopla 2025
Two hotspots that have seen significant value increases over the last five years have emerged within the analysis. South Wales presents a compelling picture where excellent value for money converges with good proximity to Cardiff and the surrounding countryside. This has driven substantial growth in home values off a low base, with areas like Blaenau Gwent and Merthyr Tydfil seeing three in ten homes increase in value by 50 per cent or more over the last five years, an average of £49,900 and £51,100 respectively.
Similarly, urban areas within the North West, particularly around key cities like Liverpool and Manchester and their adjacent areas, have also seen significant growth. Homeowners in Rochdale, Oldham (both bordering Greater Manchester) and Bolton are more likely to have seen their property's value surge by 50 per cent or more over the last five years, an average of £64,300 , £62,900 and £64,300 respectively. In these areas, even smaller monetary gains can translate into high percentage growth figures due to their generally lower initial house values.
Table 2: Local Authorities with the highest percentage of homes increasing in value by 50 per cent or more over five years
Region/ Country | Local Authority | % homes with value increases of 50% | Jun 25 value - homes with +50%< gains | Avg. value change (£) |
East Midlands | Bolsover | 9% | £146,200 | £55,500 |
East of England | North Norfolk | 5% | £418,300 | £216,700 |
London | Waltham Forest | 2% | £672,000 | £365,000 |
North East | Middlesbrough | 9% | £93,200 | £35,200 |
North West | Oldham | 35% | £164,000 | £62,900 |
Scotland | Argyll and Bute | 12% | £249,700 | £110,800 |
South East | Isle of Wight | 4% | £451,400 | £182,400 |
South West | Cotswold | 6% | £777,500 | £361,600 |
Wales | Blaenau Gwent | 32% | £132,300 | £49,900 |
West Midlands | Sandwell | 11% | £211,600 | £78,400 |
Yorkshire and Humber | Barnsley | 13% | £151,400 | £56,400 |
Source: Zoopla
Homes in southern England see moderate value gains
Whilst homes in the south have seen moderate value increases since the pandemic, particularly as the London ‘virtual’ commuter belt has expanded, a combination of high values and high mortgage rates has seen demand impacted in the last three years, causing house value falls in some areas.
As a result, the sizable value increases observed in the north are less common in southern regions. Half (51 per cent) of homes in the south increased in value by less than 20 per cent with the average increase ranging between £47,700 in London and £62,000 in the South East. Just two per cent saw their value rise by 50 per cent, averaging at over £200,000 or more. A significant proportion of homes in the south that did experience substantial value growth tend to be concentrated in desirable coastal destinations and areas of natural beauty, such as the Isle of Wight where homes with 50 per cent gains have seen average value changes of £182,400 in the last five years
London's housing market has faced significant challenges over the last five years, with 13 per cent of homes experiencing a value decrease of five per cent or more, an average value fall of £34,000 These losses are primarily concentrated in inner London boroughs, particularly Westminster and Kensington and Chelsea, where close to half of all homes are now valued below their June 2020 estimates.
This trend reflects the many challenges facing the capital, including exceptionally high prices that impact first-time buyer demand, elevated mortgage costs and tax changes that have discouraged landlords from buying property. Similarly, Aberdeen has also seen over half of its homes fall in value, by an average of £25,700, a decline largely attributed to a decline in the size of the oil and gas industry in the North Sea
Table 3: Local authorities with the highest percentage of homes decreasing in value by five per cent or more over five years
Region/ Country | Local authority | Highest % homes with value falls of 5% or more | Avg. house value now | Avg. value change (£) |
East Midlands | Boston | 4% | £95,200 | -£28,000 |
East of England | Welwyn Hatfield | 8% | £251,900 | -£26,400 |
London | Westminster | 53% | £750,300 | -£137,700 |
North East | Sunderland | 4% | £60,400 | -£10,500 |
North West | Liverpool | 3% | £104,100 | -£25,700 |
Scotland | Aberdeen City | 56% | £116,600 | -£25,700 |
South East | Reading | 14% | £223,900 | -£27,300 |
South West | Cotswold | 4% | £336,600 | -£86,200 |
Wales | Gwynedd | 3% | £162,000 | -£50,700 |
West Midlands | Birmingham | 5% | £159,700 | -£23,700 |
Yorkshire and The Humber | Harrogate | 4% | £239,400 | -£52,700 |
Source: Zoopla
Richard Donnell, Executive Director at Zoopla comments: “Our latest analysis clearly shows there is no single housing market and that house price trends vary widely across the UK. One million UK homes have seen their value increase by 50 per cent or more over the last five years as higher mortgage rates and rising rents encourage home buyers to seek out value for money in localised markets across northern England and Wales..
“Home value growth has been weaker across southern England and particularly in London. A combination of high prices and higher mortgage rates have reduced buying power and this has been reflected in flat prices and modest price falls in inner London.
“The UK currently has the most homes for sale in seven years. Its critically important serious sellers fully understand the local market dynamics impacting the value of their home and seek the advice of agents on where to set the asking price for their home in order to achieve a sale."
-ENDS-
Notes to Editors
The analysis compares current home value estimates published monthly on Zoopla for the UK’s nearly 30 million homes with the values when the housing market re-opened in June 2020. National figures include Northern Ireland, while sub-national analysis covers Great Britain only