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Property values in Britain rise by £130 billion in 2010

14th December 2010

However transaction volumes remain anaemic with outlook uncertain

  • Average home value now at £215,824 up from £210,846 last December
  • An average increase per property in Britain of £4,978 or £13.64 per day
  • House prices climb for second year in row but still well below 2007 highs
  • Property values up in England but down in Scotland and Wales over 2010
  • Total value of residential property in Britain now stands at £5.55 trillion

2010 is likely to be recorded as a very mixed year in the property market, one that beat many expectations in terms of house price stability but failed to excite anyone in terms of the volume of transactions as a result of the lack of available finance.

The latest figures from leading property information website Zoopla.co.uk, show that the value of the average home in Britain grew by £4,978 over 2010 (£13.64 per day), up 2.36% from £210,846 last December to £215,824 today.

The overall gain for British property owners in 2010 was £130 billion, with the value of housing stock in Britain rising to £5.55 trillion, up from £5.42 trillion one year ago, still some £550 billion below its peak at the end of 2007.

Whilst the first half of this year showed strong growth in house prices, with the average home in Britain reaching a high of £219,106 in August, the market has since cooled with values falling back to £215,824 and giving up almost half the gains made since the beginning of the year.

Different parts of Britain have also shown a wide disparity over the year, with the average home in England gaining £6,483 (2.96%) over the year whilst property values have fallen in both Wales and Scotland by £5,438 (3.42%) and £2,898 (1.79%) respectively.

Homeowners in Rutland, Oxfordshire and Cambridgeshire have most to celebrate this year having all seen average property prices increase by over 7% in 2010. At the other end of the scale, it has not been a good year for homeowners in South Lanarkshire, Lincolnshire or West Yorkshire where average house prices have fallen by over 2.5% during 2010.

Nicholas Leeming, Commercial Director of Zoopla.co.uk, said: "We saw a fast run up in house prices during the first part of the year propelled by a shortage of supply. And the increases seen in England have been very skewed towards London and the South. Whilst the market has cooled a bit over the last half of the year, an extra £5,000 on the value of the average British home is good news and defies many predictions made at the start of the year."

2010 property values

  Avg. value today 1 year change % 1 year change £
England £225,880 2.96% £6,483
Scotland £159,400 -1.79% -£2,898
Wales £153,388 -3.42% -£5,438
Total Britain £215,824 2.36% £4,977

Source: Zoopla.co.uk

Best performing areas (2010)

Area/County Avg. value today 1 year change % 1 year change £
Rutland £266,069 8.53% £20,900
Oxfordshire £308,084 8.30% £23,615
Cambridgeshire £239,091 7.23% £16,110
Bath and NE Somerset £290,550 6.48% £17,669
Dorset £256,274 6.16% £14,875

Source: Zoopla.co.uk

Worst performing areas in (2010)

Area/County Avg. value today 1 year change % 1 year change £
South Lanarkshire £128,604 -4.20% -£5,641
Lincolnshire £154,889 -2.75% -£4,377
West Yorkshire £152,320 -2.70% -£4,219
Durham £132,491 -2.69% -£3,661
Rhondda Cynon Taff £106,489 -2.56% -£2,801

Source: Zoopla.co.uk

- 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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