British homeowners recover £250 billion in value since March lows
29 September 2009
According to Zoopla.co.uk, which provides free instant value estimates updated daily for every UK home, the average British homeowner has seen the value of their home start to rise again slowly over the past six months.
Key findings:
- Average home values in Britain rise £57 per day over last six months
- Average British home value now £203,622-up £10,501 since March
- Scotland bounces back well but Wales slowest to recover
- British housing stock recovers 25% of the £1 trillion lost in slump
The value of the total residential housing stock in Britain now stands at £5.25 trillion, up £250 billion from its recent lows in March of this year, when it fell below the £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 £6 trillion achieved in late 2007.
Following the unprecedented falls since late 2007, where over £1 trillion was wiped off the total value of the housing market (an 18% decline), the average British home has actually gained £57 per day in value since March of this year.
The latest figures from Zoopla.co.uk show that the average home in Britain is now worth £203,622, up £10,501 since March. And, whilst the recent increases will be welcomed by homeowners across the country, the figures are still down £31,592 from the December 2007 peak when the average British house price stood at £235,214.
Home values in England are now up 2.23% since the start of the year and are beginning to recover even faster in Scotland with an increase of 5.25% since January. Average home values in Wales, however have been the slowest to show signs of improvement, up on 0.95% in 2009.
Alex Chesterman, CEO 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 and Maidenhead have the biggest reason to celebrate over the past 6 months where house prices have come roaring back by over 10.2%. Durham residents have less to cheer about as the slowest recovering area in Britain, seeing values grow by only 1.1% 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% since March.
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