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Cheer up: The value of the average UK home rose £21 per day in the first half of this year


07-27-2016

 

Emma Haslett

I am City A.M.'s digital editor. 

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Values in the South West fell 0.3 per cent in the first six months of the year (Source: Getty)

It hasn't all been bad news around house prices since the Brexit vote: it turns out the average home rose in value by £21.07 a day in the first half of the year, according to new figures.

Research by property portal Zoopla suggested the average home is now worth £290,725, up £3,847, or 1.3 per cent, since the beginning of the year.

And while the capital may have been the UK's property hotspot in recent years, now growth is spreading to other regions.

In the first six months of 2016, the North West was the region with the biggest house price growth, jumping 3.2 per cent to £5,632, while in Yorkshire and Humber prices rose 2.6 per cent to £4,238, and in the East of England they rose 2.4 per cent to £7,706.

Meanwhile, the capital was among one of the worst-growing areas, with prices rising just 0.1 per cent - a paltry £601. In Scotland, prices fall 0.8 per cent, or £1,368, while in the South West they fell 0.3 per cent, or £934.

Research published earlier this month by Your Move and Reeds Rains suggested prices in the capital fell 1.4 per cent between May and last month - although the average UK house price increased 0.6 per cent, to £293,444.


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"While comparatively the British property market growth hasnít seen the same level of growth as there was in the first half of 2015... the first half of this year has seen steady growth albeit at a slower rate," said Zoopla's Lawrence Hall today.

"Considering the rocky political and economic landscape we currently face, itís not surprising that this uncertainty has been reflected in a slowdown in growth in values in the run up to the EU vote.

"Itís too soon to determine what the effect the vote to leave the EU will have on property values, but it is likely that transactions will have slowed a little in the run up to the vote."

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