Half of all UK homes have increased in value in the first half of 2024 by 1% or more, says Zoopla.
This is the highest amount of homes to have increased in a six month period since December 2022.
Since New Year the average home has increased by £2,400 to £278,000.
A third of all UK homes (equivalent to 10m) have increased by £5,000 or more in the last six months whilst 8m homes (27%) have also kept their value stable.
By contrast some 6.7m homes have seen their value fall by at least 1% in the same period.
Homeowners in Oldham (83%), Wakefield (77%) and County Durham were most likely to see the value of their homes increase in value by 1% or more since the start of 2024.
It’s homes valued below £150,000 that register higher value growth (5%+) in the northern regions. Owners of terraced homes, in particular, are seeing more gains than owners of other property types as nearly a fifth of terraces went up in value by 5% or more since the beginning of 2024.
These increases are driven by the popularity of value-for-money homes amongst buyers facing higher mortgage costs.
But in southern England, where high mortgage rates have impacted affordability, Zoopla finds the top 10% of the most expensive homes saw more gains than cheaper or average priced homes. In areas such as West-Central London, Watford and Bath, seven in 10 homes have increased by at least £5,000 or more since the start of the year.
Areas with most homes increasing in value in January to June 2024:
|
Postal area |
Average value |
Average 6 months value change % |
Average 6 months value change £ |
% of homes up in value (by 1%+) |
|
Oldham |
£176,400 |
3.9 |
£7,100 |
83 |
|
Wakefield |
£183,400 |
2.9 |
£4,700 |
77 |
|
Durham |
£130,500 |
4.2 |
£4,700 |
76 |
|
West Central London |
£888,300 |
2.2 |
£17,700 |
72 |
|
Darlington |
£156,800 |
3.1 |
£4,400 |
71 |
|
Watford |
£497,000 |
2.3 |
£10,900 |
70 |
|
Bradford |
£171,300 |
2.7 |
£4,500 |
69 |
|
Stoke on Trent |
£191,000 |
2.6 |
£4,600 |
69 |
|
Wigan |
£168,900 |
2.6 |
£3,900 |
69 |
|
Bath |
£333,500 |
2.0 |
£6,300 |
68 |
Areas with most homes reducing in value in January to June 2024:
|
Postal area |
Average value |
Average 6 months value change % |
Average 6 months value change £ |
% of homes falling in value (by 1%+) |
|
Dumfries |
£142,800 |
-1.7 |
-£2,100 |
54 |
|
St Albans |
£519,100 |
-1 |
-£4,500 |
49 |
|
Dorchester |
£340,100 |
-0.6 |
-£1,500 |
44 |
|
Colchester |
£314,900 |
-0.6 |
-£1,700 |
44 |
|
Ipswich |
£295,200 |
-0.6 |
-£1,600 |
41 |
|
Milton Keynes |
£338,800 |
-0.5 |
-£1,800 |
42 |
|
Harrogate |
£325,300 |
-0.5 |
-£1,400 |
42 |
|
Exeter |
£324,600 |
-0.5 |
-£1,600 |
41 |
|
Norwich |
£276,300 |
-0.2 |
-£400 |
37 |
|
Perth |
£206,700 |
-0.1 |
-£200 |
44 |
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