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Average UK home value rising by £90 per day

From Property Talk Live on July 22, 2014

The average British home increased in value by £90 a day over the first half of 2014, according to property website Zoopla.

Average property values in Britain now stand at £260,488, up 6.5% (£16,265) compared to January. 
Property values rose during the first six months of the year across all regions of Britain with London continuing to experience the highest growth rate in the country at 8.2% (£43,115). The East and South East of England were not far behind with house price growth of 7.5% (£19,440) and 7.4% (£23,031) respectively since January. Wales and Scotland are trailing the rest of the country so far this year, with only 3.5% and 1.1% property value increases respectively over the past six months.

Salford saw its average property values rise faster than any other town in Britain over the first half of 2014. Since January, average property values in the Manchester suburb have risen 12% (£14,874) and now stand at £138,619 – a growth rate that eclipses even London, although average house prices in the capital, which currently stand at £567,392 according to Zoopla, are more than four times higher than in Salford. Brough in Yorkshire and St Leonards-On-Sea in East Sussex have also seen strong growth in average property values over the last six months at 11.9% (£25,184) and 11.8% (£19,690) respectively.

Lawrence Hall of Zoopla commented: “Homeowners up and down the country are starting to see the benefits of the recovery as home values make further headway in 2014. Over the past few years Salford especially has prospered from job creation in the area which has helped boost the local property market. Property price growth has largely been a London and South East story until recently, so it is very encouraging to see the house price recovery broadening and the ripple effect starting to take hold further north.”

“There have been a few weak spots in the market so far in 2014, like Cornwall where the strong pound has started turning those looking for holiday homes back towards foreign property markets. And towns on the England-Scotland border are likely suffering from caution amongst buyers ahead of the referendum on independence in September.”

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Source: Property Talk Live