Prices rise by £9 a day
The days may be over when house prices raced up each year and made millions of us small fortunes, but latest figures show that they are on the rise again at least after four years of house price pain.
The value of the average home in Britain climbed by £3,373 (1.5%) over the past year, according to new data released today from property website Zoopla.co.uk. The average value now stands at £226,369.
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Increases were experienced in all but three regions of Britain – the North West, (-2.5%), Wales (-1.4%) and Yorkshire and The Humber (-0.55).
In Leicester, prices were down 0.986% to £167,924. Of the Top 50 best performing cities/towns only 27 saw rising house prices. Prices in London have continued to rise at a far faster pace than the rest of Britain over the past 12 months.
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The average value in the capital increased by £30,259 (+7.3%) over the past year, while the South East had a 3.4% increase.
Within the top 50 cities and towns outside London, the Midlands fared the best with Wolverhampton experiencing a 12-month rise of 5.08% where values now stand at £157,884. In third place, Coventry has seen similar gains with growth of 4.45% and an average price of £150,343.
Peterborough's house prices dropped the fastest. Some 3.43% dropped off values leaving its average house price at £161,974, closely followed by Aberdeen where values have dropped 3.36% over the past 12 months. Wigan rounds off the bottom three with property values now standing at £128, 993.
While values are relatively flat, there is stability. However transaction levels for the previous three months and next three months will be the most telling in terms of where the market could head next year and whether a level of stability is here to stay.
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