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Property market grows by just 1.10% since start of the year... compared with 5.28% growth for same period in 2016

18th July 2017

  • The average property in Britain has increased in value by £3,039 since the start of the year – down from £13,851.63 in the same period of 2016
  • Britain’s housing stock is now worth nearly £8.1 trillion
  • Belper (Derbyshire), Hove (East Sussex), and Todmorden (West Yorkshire), have seen the greatest average property value increases since January 2017
  • London, Edinburgh and Bristol are the most searched for locations
  • The total value of the British property market has grown by just 1.10 per cent (or £88 billion) since the start of the year to almost £8.1 trillion (£8,081,972,277,278), according to new data from property website Zoopla. This marks a significant slowdown when compared to the performance of the housing market over the same period last year when the total value of all stock rose by 5.28 per cent (£410 billion).

    These figures also show that the average British home has risen in value by just £3,039 since January (or £16.79 per day), a drop of over £10k versus last year when the average property increased by £13,852 over the same six-month period (or £76.11 per day).

    The average British home is now valued at £304,469, with properties in the West Midlands increasing the most in value over the first half of the year from £212,024 to £217,534 (2.6 per cent). This region is closely followed by the East of England and Scotland with average property price increases of 2.52 per cent and 1.74 per cent, respectively. Wales places last as property prices have dipped by an average of 0.86 per cent (£1,553) to £179,354 and is closely followed by the North East (-0.76 per cent) and South West (0.26 per cent).

    On a more local level, Derbyshire’s Belper, has bucked the slow down trend, with the average property in the town rising in value by 7.43 per cent since January. Coastal town, Hove (East Sussex) places second with average property price rises of 7.07 per cent (£30,584), followed by Todmorden (West Yorkshire) with increases of 6.66 (£9,541).

    At the bottom of the table, Yorkshire’s Richmond is currently Britain’s worst performing town as average property prices have dropped by 5.34 per cent (£15,085) since the beginning of the year. Two of Surrey’s towns follow suit, as leafy Leatherhead has witnessed average property price drops of 5.22 per cent (£43,703) and Walton-on-the-Thames has seen a 5.21 per cent (£34,228) decline in average property values.

    Meanwhile, average values in the capital have stagnated with prices in London only growing by 0.50 per cent since the start of the year, bringing the average cost of a home to £673,344. This is in contrast to the first half of 2016 when property prices rose by an average of 3.5 per cent.

    Zoopla’s keyword search data reveals that house hunters are looking for properties with plenty of parking and external space as the top searches so far in 2017 are “garage”, “parking” and “detached”. “Garage” takes the top spot for the first time, overtaking “garden”, while “parking” has climbed from fourth to second place. When it comes to location, London, Edinburgh and Bristol are the most popular location searches so far in 2017 – the first time Bristol has appeared in the top 10.

    Lawrence Hall, spokesperson for Zoopla comments: “Whilst the rate of growth has slowed to a more modest rate, we’re not seeing the stark downturn in values that has been predicted. Whilst this slowdown might not be what homeowners want to hear, a slowdown does present a possible opportunity for those looking to get on the ladder by the end of the year.”

    Regional value changes since January 2017

    Ranking

    Region

    January Value (£)

    July Value (£)

    £ Change

    % Change

    1

    West Midlands

    £212,024

    £217,534

    £5,510

    2.60%

    2

    East of England

    £343,866

    £352,552

    £8,686

    2.53%

    3

    Scotland

    £177,792

    £180,878

    £3,086

    1.74%

    4

    Yorkshire and The Humber

    £168,780

    £170,629

    £1,849

    1.10%

    5

    East Midlands

    £205,305

    £207,019

    £1,714

    0.83%

    6

    North West England

    £186,096

    £187,503

    £1,407

    0.76%

    7

    South East England

    £403,439

    £406,130

    £2,691

    0.67%

    8

    London

    £669,977

    £673,344

    £3,367

    0.50%

    9

    South West England

    £292,913

    £293,689

    £776

    0.26%

    10

    North East England

    £187,250

    £185,820

    -£1,430

    -0.76%

    11

    Wales

    £180,907

    £179,354

    -£1,553

    -0.86%

    Source: Zoopla, July 2017

    Top 10 post towns for value increases since January 2017

    Ranking

    Town

    January Value (£)

    July Value (£)

    £ Change

    % Change

    1

    Belper, Derbyshire

    £223,330

    £239,927

    £16,597

    7.43%

    2

    Hove, East Sussex

    £432,363

    £462,947

    £30,584

    7.07%

    3

    Todmorden, West Yorkshire

    £143,299

    £152,840

    £9,541

    6.66%

    4

    Woodbridge, Suffolk

    £361,735

    £385,585

    £23,850

    6.59%

    5

    Sudbury, Suffolk

    £300,206

    £319,907

    £19,701

    6.56%

    6

    Bexley, Kent

    £448,550

    £477,981

    £29,431

    6.56%

    7

    Langport, Somerset

    £303,297

    £323,171

    £19,874

    6.55%

    8

    Swanley, Kent

    £340,572

    £362,671

    £22,099

    6.49%

    9

    Worcester Park, London

    £463,158

    £492,850

    £29,692

    6.41%

    10

    Holyhead, Anglesey

    £147,720

    £157,015

    £9,295

    6.29%

    Source: Zoopla, July 2017

    Bottom 10 post towns for value increases since January 2017

    Ranking

    Town

    January Value (£)

    July Value (£)

    £ Change

    % Change

    1

    Richmond, North Yorkshire

    £282,624

    £267,539

    -£15,085

    -5.34%

    2

    Leatherhead, Surrey

    £837,621

    £793,918

    -£43,703

    -5.22%

    3

    Walton-on-Thames, Surrey

    £656,445

    £622,217

    -£34,228

    -5.21%

    4

    Altrincham, Manchester

    £484,788

    £459,718

    -£25,070

    -5.17%

    5

    Pwllheli, Gwynedd

    £239,853

    £228,125

    -£11,728

    -4.89%

    6

    Weybridge, Surrey

    £973,752

    £926,228

    -£47,524

    -4.88%

    7

    Southwell, Nottinghamshire

    £366,175

    £349,602

    -£16,573

    -4.53%

    8

    Ellesmere Port, Cheshire

    £172,697

    £165,367

    -£7,330

    -4.24%

    9

    Burnley, Lancashire

    £122,745

    £117,677

    -£5,068

    -4.13%

    10

    Pontefract, West Yorkshire

    £153,671

    £147,502

    -£6,169

    -4.01%

    Source: Zoopla, July 2017

    Most searched for keywords on Zoopla so far in 2017

    Ranking

    Keyword

    1

    Garage

    2

    Parking

    3

    Detached

    4

    Bungalow

    5

    Garden

    6

    Annexe

    7

    Furnished

    8

    Acres

    9

    Cottage

    10

    Freehold

    Source: Zoopla, July 2017

    Most searched for locations on Zoopla so far in 2017

    Ranking

    Keyword

    1

    London

    2

    Edinburgh

    3

    Bristol

    4

    Glasgow

    5

    Swansea

    6

    Cornwall

    7

    Plymouth

    8

    Nottingham

    9

    Birmingham

    10

    Leeds

    Source: Zoopla, July 2017

    - 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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