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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