Real Estate Values in UK Up by £130 Billion in 2010

Real Estate Values in UK Up by £130 Billion in 2010-Image via Wikipedia

The average home value in Britain is now £215,824 up from £210,846 last December reports property experts Zoopla.co.uk, though transaction volumes remain anaemic with outlook uncertain. The average increase per property was £4,978 or £13.64 per day.

2010 is likely to be recorded as a very mixed year in the property market, one that beat many expectations in terms of house price stability but failed to excite anyone in terms of the volume of transactions as a result of the lack of available finance. The latest figures from leading property information website Zoopla.co.uk, show that the value of the average home in Britain grew by £4,978 over 2010 (£13.64 per day), up 2.36% from £210,846 last December to £215,824 today.

The overall gain for British property owners in 2010 was £130 billion, with the value of housing stock in Britain rising to £5.55 trillion, up from £5.42 trillion one year ago, still some £550 billion below its peak at the end of 2007.

Whilst the first half of this year showed strong growth in house prices, with the average home in Britain reaching a high of £219,106 in August, the market has since cooled with values falling back to £215,824 and giving up almost half the gains made since the beginning of the year.

Different parts of Britain have also shown a wide disparity over the year, with the average home in England gaining £6,483 (2.96%) over the year whilst property values have fallen in both Wales and Scotland by £5,438 (3.42%) and £2,898 (1.79%) respectively.

Homeowners in Rutland, Oxfordshire and Cambridgeshire have most to celebrate this year having all seen average property prices increase by over 7% in 2010. At the other end of the scale, it has not been a good year for homeowners in South Lanarkshire, Lincolnshire or West Yorkshire where average house prices have fallen by over 2.5% during 2010.

Nicholas Leeming, Commercial Director of Zoopla.co.uk, said: “We saw a fast run up in house prices during the first part of the year propelled by a shortage of supply. And the increases seen in England have been very skewed towards London and the South. Whilst the market has cooled a bit over the last half of the year, an extra £5,000 on the value of the average British home is good news and defies many predictions made at the start of the year.”

For further information, please contact:
Lawrence Hall at lawrence(dot)hall(at)zoopla(dot)co(dot)uk or on 020 7620 4618

About Zoopla.co.uk
Zoopla.co.uk is the UK’s most comprehensive property website, focused on empowering consumers with the resources they need to make better-informed property decisions. We help our users make sense of the residential property market by combining property listings with market value data, local information and community tools. Zoopla.co.uk was founded on the principles of transparency and efficiency and everything we do aims to make the market more effective for both property consumers and professionals alike.

By combining free, instant value estimates for every UK home with sold prices, local market information and hundreds of thousands of properties available for sale and to rent, Zoopla.co.uk has become the ultimate destination for property consumers to search for property and do their market research. We are the UK’s fastest growing property website and are proud to have been named ‘Best Property Portal 2009’ (Daily Mail UK Property Awards).

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