UK Home Owners Benefit From Property Market Rise
Thursday October 1st 2009
The value of the average home has risen GBP 57 every day over the last six months, according to property valuation site, Zoopla.co.uk.
The site reported that the average UK home value rests at GBP 203,622 – which is a rise of GBP 10,501 since March, a recovery of 25 per cent since the slump.
However, Wales is lagging behind in the recovery, where Scotland has bounced back the fastest.
The value of the total residential housing stock in Britain now stands at GBP 5.25 trillion, up GBP 250 billion from its recent lows in March of this year, when it fell below the GBP 5 trillion mark for the first time since February 2005.
However, whilst good news for homeowners, this figure remains well below the market peak of over GBP 6 trillion achieved in late 2007.
Home values in England are now up 2.23 per cent since the start of the year and have recovered even faster in Scotland with an increase of 5.25 per cent since January.
Alex Chesterman, chief executive of Zoopla.co.uk, said: “Whilst we are still long way from the values seen before the credit crunch hit, house prices have begun the road to recovery and there are now a lot less homeowners with negative equity than there were six months ago. With the record levels of traffic to Zoopla.co.uk and enquiries being sent to estate agents, these are clear sign that confidence is beginning to return to the market.”
Homeowners in Windsor & Maidenhead have the biggest reason to celebrate over the past 6 months where house prices have come roaring back by over 10.2 per cent. Durham residents have less to cheer about as the slowest recovering area in Britain, seeing values grow by only 1.1 per cent since March. And parts of the country are yet to share in the price recovery at all, like Stroud in Gloucestershire where property values have fallen a further 3.7 per cent since March.