Total value of British housing market hits £7.8 trillion in 2019, up £124bn over the last 12 months
The growth equates to £12 per day for the average property
Wales saw the value of all homes increase the most, up 3.9%
Port Talbot, Cwmbran and Leigh are the top towns for property price growth
Total value of housing in London grows 1.1%, with the average value of all London housing at £632,480
Zoopla, the UK’s most comprehensive property destination, has analysed the estimated price of all housing in Great Britain and tracked how values have changed over 2019. The analysis has revealed the total value of the British housing market has increased by £124bn in 2019, an increase of 1.6%. This rise in value equates to £4,702 for the average British home over the course of the past 12 months, equivalent to £12 per day.
The total value of housing in Wales has risen the most over the past 12 months, growing 3.9 per cent to an average of £189,244. This is followed by Scotland where the whole housing market has seen values increase by 2.2 per cent to an average of £171,195. England, however has lagged behind with growth of 1.5 per cent, bringing the average value of a property to £316,784.
On a regional level, the North West follows Wales in second place, where the average home is now valued at £190,645 - up 3.2 per cent. At the other end of the table, values rose lowest by 0.6 per cent in the South East and 0.9 per cent in the East of England. Meanwhile in London house prices rose by 1.1 per cent on average.
A closer look at individual towns reveals the Port Talbot on the Welsh coast was 2019’s biggest winner, with the total value of housing increasing in value by 7.5 per cent - almost double the average rate of Wales. Staying in Wales, Cwmbran is in second place, with properties rising by 6.9 per cent to an average of £168,212. Elsewhere Leigh in Greater Manchester, takes third place with values increasing by 6.3 per cent in the past 12 months, bringing the average property price to £127,148.
In contrast the oil capital of Britain, Aberdeen, is at the bottom of the table with prices there falling an average 3.9 per cent to £189,965. Witney in Oxfordshire follows with values declining 1.8 per cent to £390,376, while Woking in Surrey is third last after experiencing an average decrease of 1.4 per cent, taking the average property value there down to £538,496.
Laura Howard, Zoopla consumer expert, said: “Affordability levels remain attractive in many areas outside of Southern England. Rising employment and low mortgage rates have led to improving values in many regions. However, while Scotland has seen some of the biggest price growth, Aberdeen’s housing market continues to suffer from the fallout from the drop in oil prices and as a result saw Britain's biggest decline.
“While all regions saw growth in 2019, over the past two years the housing market has been characterised by flat or falling prices in London and southern regions, where tax changes and stretched affordability have impacted demand for expensive properties.
“Our latest analysis highlights there is no single UK housing market and trends vary across and within local housing markets driven by local economic factors. Estate agents have their finger on the pulse on the latest trends in supply and demand and are a great source of knowing what is happening in their market ”
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Highest ranked average property value increases by country
Ranking | Country | Current average value | Average £ increase per home | Average £ increase by day | 12 month % change |
1 | Wales | £189,244 | £7,154 | £19.60 | 3.9% |
2 | Scotland | £171,195 | £3,605 | £9.88 | 2.2% |
3 | England | £316,645 | £4,676 | £12.81 | 1.5% |
Source: Zoopla, December 2019
Highest ranked average property value increases by region
Ranking | Region | Current average value | Average £ increase per home | Average £ increase by day | 12 month % change |
|---|---|---|---|---|---|
1 | Wales | £189,244 | £7,154 | £19.60 | 3.9% |
2 | North West England | £190,645 | £5,866 | £16.07 | 3.2% |
3 | Yorkshire and The Humber | £168,486 | £4,637 | £12.70 | 2.83% |
4 | West Midlands | £223,986 | £6,148 | £16.85 | 2.82% |
5 | East Midlands | £217,420 | £5,326 | £14.59 | 2.5% |
6 | Scotland | £171,195 | £3,605 | £9.88 | 2.2% |
7 | North East England | £174,325 | £3,505 | £9.60 | 2.1% |
8 | South West England | £308,189 | £4,941 | £13.54 | 1.6% |
9 | London | £632,480 | £6,939 | £19.01 | 1.1% |
10 | East of England | £360,961 | £3,076 | £8.43 | 0.9% |
11 | South East England | £414,825 | £2,393 | £6.56 | 0.6% |
Source: Zoopla, December 2019
Highest ranked towns for property price growth
Ranking | Town | Current average value | Average £ increase per home | Average £ increase by day | 12 month % change |
|---|---|---|---|---|---|
1 | Port Talbot | £122,074 | £8,476 | £23.22 | 7.5% |
2 | Cwmbran | £168,212 | £10,801 | £29.59 | 6.9% |
3 | Leigh | £127,148 | £7,488 | £20.52 | 6.3% |
4 | Cannock | £183,841 | £9,429 | £25.83 | 5.4% |
5 | Edinburgh | £290,968 | £14,376 | £39.39 | 5.2% |
6 | Bootle | £99,330 | £4,752 | £13.02 | 5.0% |
7 | Merthyr Tydfil | £116,108 | £5,521 | £15.13 | 5.0% |
8 | Salford | £182,065 | £8,381 | £22.96 | 4.8% |
9 | Walsall | £179,238 | £8,267 | £22.65 | 4.8% |
10 | Neath | £134,486 | £6,147 | £16.84 | 4.8% |
Source: Zoopla, December 2019
Lowest ranked towns for property price growth
Ranking | Town | Current average value | Average £ decrease per home | Average £ decrease by day | 12 month % change |
|---|---|---|---|---|---|
1 | Aberdeen | £189,965 | -£7,626 | -£20.89 | -3.9% |
2 | Witney | £390,376 | -£7,073 | -£19.38 | -1.8% |
3 | Woking | £538,496 | -£7,878 | -£21.58 | -1.4% |
4 | Reading | £432,297 | -£5,680 | -£15.56 | -1.3% |
5 | Barnstaple | £263,049 | -£2,973 | -£8.15 | -1.1% |
6 | Kilmarnock | £119,693 | -£1,206 | -£3.30 | -1.0% |
7 | Maidenhead | £582,902 | -£4,989 | -£13.67 | -0.8% |
8 | Chippenham | £349,216 | -£2,811 | -£7.70 | -0.8% |
9 | Chatham | £256,848 | -£2,046 | -£5.61 | -0.8% |
10 | Darlington | £148,916 | -£1,111 | -£3.04 | -0.7% |
Source: Zoopla, December 2019
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