House prices showing signs of life in some areas of England
...but researchers caution excessive 'green shoots' optimism -
Research released today reveals the areas of England that are 'hot' and those that are 'not' in terms of house price performance over the first half of this year, indicating which areas may lead any housing market recovery, when it comes.
Zoopla.co.uk, the UK's leading source of house price information, has released the statistics showing how each area has fared in the first half of 2009 compared to the same period one year ago and the last half of 2008. The figures show that whilst property values were in freefall in almost all areas of the country towards the end of last year, the rate of decline so far this year has significantly slowed and some areas have actually experienced positive growth over the first six months of the year.
However, the research also shows that the performance during the first half of 2009 should perhaps not yet be cause for celebration, given that over the past two years the decline in house prices in the last six months of the year was significantly worse than during the first half of the year.
Overall, according to Zoopla.co.uk, house prices in England are down by 3.22% since 1st January of this year to a current average home value of £207,020, a marked improvement over the alarming drop of 11.97% in the second half of last year. And in London house prices have fallen by just under the national average, down 2.56% so far this year, to an average home value currently standing at £362,812 compared to a fall of 11.12% in the last six months of 2008.
The areas of England showing signs of an early recovery so far this year are led by North Somerset (up 1.40%), followed by Wiltshire (up 1.24%), Plymouth (up 0.77%), Bath (up 0.39%) and Oxfordshire (up 0.08%). In contrast the areas still struggling to show any signs of improvement are Northumberland (down 9.21%), Herefordshire (down 7.86%), Cheshire (down 7.43%), Shropshire (down 7.25%) and Suffolk (down 6.12%).
Alex Chesterman, CEO of Zoopla.co.uk commented: "Whilst optimism around a full market recovery may well be somewhat premature, there are clearly some bright spots emerging in the market and the overall pace of house price decline has slowed noticeably compared to last year which is good news for homeowners."
Best Performing Areas in England (1st Half 2009)
Area | Average home value* | % Change 1H 09 | % Change 2H 08 | % Change 1H 08 |
|---|---|---|---|---|
£178,062 | 1.40% | -10.88% | -3.85% | |
£193,843 | 1.24% | -12.40% | -2.55% | |
£156,643 | 0.77% | -10.59% | -5.05% | |
£260,863 | 0.39% | -12.52% | -0.96% | |
£269,458 | 0.08% | -14.52% | -0.56% | |
£148,674 | -0.42% | -12.11% | -3.11% | |
£199,610 | -0.62% | -11.48% | -1.93% | |
£198,785 | -0.77% | -11.42% | -2.50% | |
£225,978 | -0.89% | -11.81% | -1.71% | |
£187,228 | -0.90% | -13.49% | -1.99% |
*Source: Zoopla.co.uk
Slowest Recovering Areas in England (1st Half 2009)
Area | Average home value* | % Change 1H 09 | % Change 2H 08 | % Change 1H 08 |
|---|---|---|---|---|
£154,155 | -9.21% | -9.65% | -1.86% | |
£196,438 | -7.86% | -9.69% | -3.82% | |
£184,383 | -7.43% | -11.24% | -0.87% | |
£186,007 | -7.25% | -8.71% | -2.12% | |
£178,701 | -6.12% | -10.63% | -2.89% | |
£133,382 | -5.71% | -9.28% | -2.35% | |
£147,345 | -5.45% | -9.91% | -2.38% | |
£220,841 | -5.09% | -10.55% | -2.36% | |
£246,421 | -4.94% | -10.30% | 0.54% | |
£281,136 | -4.87% | -10.58% | -2.66% |
*Source: Zoopla.co.uk
- Ends -
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