British home values rise £39 billion in 2009 after huge drop in 2008
Average British home value up £1,517 in 2009, after dropping £31,355 in 2008
Average property value up £4 per day in 2009, after losing £86 per day in 2008
England & Scotland property values rise but Wales continues decline in 2009
Biggest rebound in Gloucestershire, up 3.8% this year after 14.1% drop in 2008
As 2009 draws to a close, British homeowners can breathe a sigh of relief compared to this time last year as home values across the nation have risen by £39.1 billion in 2009. Whilst the increase is modest, it is a massive improvement over 2008 when British property values fell £811.3 billion, according to property website Zoopla.co.uk, which provides free online valuations for every home in the country.
However, with the total value of the British residential housing stock now standing at £5.3 trillion, up marginally on one year ago, it still remains over three quarters of a trillion pounds below its peak of £6.1 trillion in late 2007. The average home in Britain is now worth £205,591 according to Zoopla.co.uk, up £1,517 (0.7%) from one year ago, a daily gain of £4 for the average property. This is in stark contrast to 2008 when property values fell by £31,355 (13.3%) on average, equivalent to a daily loss of £86 per home.
Property prices in England have climbed 0.9% over the past 12 months, having fallen 13.9% in 2008. Scottish values have also risen in 2009 by 0.6% to an average of £156,905 up from £155,597 at the end of last year. However, the property market in Wales is yet to rebound and has seen average values drop a further 2.5% (£3,866) in 2009 on top of the 13.2% decline in 2008.
Homeowners in Gloucestershire have had the biggest cause for celebration in 2009 as average property values have risen 3.8% over the past year to a current average home value of £229,945. At the other end of the scale, there is far less to cheer about in Merthyr Tydfil where the property values suffered the largest loss in 2009, falling 6.2% to a current average value of £94,132.
Nicholas Leeming, Commercial Director of Zoopla.co.uk, said: "2008 was undoubtedly the annus horribilis for homeowners. But, property prices have stabilised this year, rising gradually since April after a fairly weak first quarter. We are still a long way from the values seen before the recession took hold, but the housing market has not worsened in 2009 as some had feared and recovery signs are starting to take hold. With the biggest share of the UK's household wealth - 39% - in property, it is far better news for homeowners this Christmas than last with their principal asset in better shape than at the start of the year."
Property value changes in 2009
Country | Value change % | Value change £ | Avg. value (Dec 09) |
|---|---|---|---|
England | 0.9% | £1,902 | £214,451 |
Scotland | 0.6% | £948 | £156,905 |
Wales | -2.5% | -£3,866 | £148,659 |
Source: Zoopla.co.uk
Property value changes by type in 2009
Property type | Value change % | Value change £ | Avg. value (Dec 09) |
|---|---|---|---|
Detached | 1.9% | £5,972 | £306,727 |
Semi | 3.6% | £6,342 | £182,840 |
Terrace | -1.1% | -£1,561 | £160,821 |
Flats | -0.1% | -£461 | £188,671 |
Source: Zoopla.co.uk
Best performing towns in 2009
Town | Value change % in 2009 | Value change £ in 2009 | Avg. value (Dec 09) |
|---|---|---|---|
Downham Market, Norfolk | 8.1% | £12,380 | £164,535 |
Widnes, Cheshire | 7.9% | £11,013 | £150,258 |
Maidstone, Kent | 7.1% | £15,265 | £229,130 |
Barrow-in-Furness, Cumbria | 6.5% | £6,855 | £112,086 |
Salisbury, Wiltshire | 6.0% | £14,985 | £264,402 |
Source: Zoopla.co.uk
Worst performing towns in 2009
Town | Value change % in 2009 | Value change £ in 2009 | Avg. home value (Dec 09) |
|---|---|---|---|
Liversedge, West Yorkshire | -12.9% | -£20,206 | £136,172 |
Sandbach, Cheshire | -12.8% | -£27,057 | £184,706 |
Leatherhead, Surrey | -10.9% | -£59,055 | £482,472 |
Halstead, Essex | -10.7% | -£23,431 | £196,412 |
Welshpool, Powys | -10.6% | -£19,642 | £165,682 |
Source: Zoopla.co.uk
- Ends -
About Zoopla
Hello. We're Zoopla. A property website and app.
We know you're not just looking for a place to live. You're looking for a home.
Yeah, we've got over a million properties for you to browse.
Tools that let you filter them in all kinds of clever ways.
And reliable house price estimates, so you can be sure you aren't paying over the odds.
But we know you're looking for more than that.
Because that first flat won't just be a 'great investment opportunity'.
It'll be the feeling of starting out on your own.
That extra bedroom won't just mean another £20K on the re-sale price, it'll mean having your sister over to stay.
And that bungalow won't just be a way to release some equity, it will be a chance to spend more time with the grandkids.
We know that searching for a home is about more than just checking its price, location and features (important as all those things are).
What really matters is how it makes you feel.
We know what a home is really worth.
So let us help you find yours.
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. 06074771 VAT Registration number: 191 2231 33 Data Protection number: Z9972266