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Home values rise by £7k in first half of year
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
New data from Zoopla indicates that house prices across Britain increased by nearly £7,000 during the opening six months of the year. This rise was equivalent to 2.7%.
At the start of July, the average UK property price stood at £270,674, which was up by £6,974 on £263,699 recorded at the beginning of 2015.[1]
Rates
Research from Zoopla suggests that all regions of the UK experienced some property value growth in the first half of the year, albeit at different rates. Scotland recorded the highest rate of growth, with property values increasing by 6.6%. The average value of a home north of the border is now £183,230.[1]
The next best performing areas were the North West and North East of England, where prices rose by 3.1% and 3% respectively. However, Wales was the worst performer, with an average property price rise of just 1% over the period.[1]
When looking at the top 50 largest cities in Britain, Scotland again performed well, with Edinburgh recording the largest price growth of 8.2%, representing a £20,465 increase of a property price in the city. Aberdeen came in third with a 6.4% rise over the six months, behind Colchester with 7.6%.[1]
Home values rise by £7k in first half of year
Recovery
Lawrence Hall of Zoopla said, ‘while national property price growth saw a slow start to the first half of the year, it recovered strongly towards the end of the period.’ He feels that, ‘the strong regional figures across the board indicate an economy which is returning to health, with a series of Government incentives designed to encourage home-buying helping to boost demand for property in all parts of Britain.’[1]
Hall believes that, ‘the real winner here is Scotland. The surge in property values can, in part, be explained as a post-referendum bounce, as businesses a capital flood back to Scotland, after withholding investment during the volatile September referendum period.’[1]
Concluding, Mr Hall stated, ‘a post-General Election feel-good factor must not be discounted as more devolution promised has given property prices a bounce as Scots anticipate more jobs and investment coming their way.’[1]
[1] http://www.propertyreporter.co.uk/property/average-home-values-rise-by-7k-during-h1.html
