Scotland, where average property values now stand at £164,844, outperformed the rest of Britain in 2011, recording an average increase of 6.73%. Average home values fell across England by 0.75% (£1,719) and finished the year at £228,926, whilst the average property in Wales is now worth £153,826, down £172 (0.11%) on one year ago.
In England, property values have risen over the past 12 months in London the South East whilst falling substantially in the North. The average home in London is now worth £416,890 up £9,283 (2.28%) on one year ago. The North East was the worst performing region over the past year with average house prices falling £9,596 (5.77%) to £156,659.
Wigan tops the list of best performing cities over the last year, with property values having climbed 5.62% (£7,057). In contrast, homeowners in Newcastle saw an average decline in property prices of 5.5% (£9,650) over 2011.
‘National statistics on the housing market can mask differing fortunes in different parts of the country. Londoners continue to see the market go from strength to strength with high demand for a limited number of properties boosting house prices,’ said Zoopla’s Nicholas Leeming.
‘However, for areas such as the North East where the local economy has suffered more than most, it’s a different story. 2012 does not show much sign of being markedly different to 2011, however, if the overall economy starts to show signs of strength this will filter quickly through to the property market,’ he added.
