Average UK property prices up 1% from a year ago, new study shows
|Thursday, 20 December 2012|
The value of the average British home has risen by £2,298 over the last year but there was a stark north/south divide with London performing best and Wales worst.
The new research from property website Zoopla also shows that there was a strong first half of the year and a weaker second half.
The national average home value climbed steadily each month during the first half of the year, reaching a 2012 peak of £230,297 in June, but has subsequently retreated and fallen for each of the last six months to its current level.
Overall the average property value in Britain now stands at £228,226, up 1% from £225,928 one year ago.In London the average property value increased 6.8% or £28,471 and this disguises the continued property price weakness elsewhere in Britain and the acceleration of the North/South divide in the housing market performance.
Average property values fell in seven of the eleven regions across Britain over 2012 with Wales as the worst performing region where the average house price has fallen 3.1% over the past 12 months. Yorkshire and the Humber was not far behind with the average property there losing 2.9% of its value during 2012.
Looking at Britain’s key urban areas, the North/South divide is reinforced with the worst performing areas in 2012 being Barnsley, where the average home value has fallen by 3.6% or £4,435 over the past 12 months followed by Lincoln and Bradford where values have fallen 2.1% and 2% respectively.
Other than London, Cambridge saw the biggest increase in house prices up 5.9% or £18,026 during 2012, followed by Plymouth and Derby up 4.9% and 4.1% respectively.
‘2012 has been a year of two halves. During the first half of the year the housing market showed strong signs followed by a weaker second half. And for the Southern half of the country, 2012 was a year of property price growth whilst for those in the other half of the country the picture was far less rosy,’ said Lawrence Hall of Zoopla.
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