The highs and lows of home ownership
The value of the average UK home has risen by £11 a day in 2019 – but not every area has been quite so fortunate, says VICKY SHAW
HOUSE prices in Britain have increased by £11 per day on average since the start of the year, analysis has found. But in London typical property values plunged by £71 on a daily basis during the first half of 2019. Despite Brexit uncertainty, £2,046 was typically added to the value of the average home in the first six months of 2019, according to Zoopla’s analysis of residential property prices. The West Midlands was Britain’s best-performing region, with the average value of homes increasing by £36.58 per day, or £6,695 in total, since the start of the year. The South East is close behind. Homeowners there have seen their properties gain an average of £35.32 per day or £6,463 in total over the past six months. The North West is next with average gains of £20.29 per day or £3,731 in total.
London was identified as the worst performer, with average property values falling by £71.23 per day or £13,035 in total. There have been big contrasts within London however, Zoopla found. For example, homeowners in the W11 postcodes of Notting Hill and Holland Park have seen £141.46 on average being added each day to the value of their homes. But in the NW3 postcodes of Hampstead, Belsize Park and Swiss Cottage average property values have fallen by £179.28 per day since January. Laura Howard, spokeswoman for Zoopla, said: “Residential values in London have continued on the downward trajectory of the last three years. “However, a patchwork of micromarkets in the capital means there are a number of neighbourhoods – from Notting Hill to Forest Hill – that are bucking the trend of price falls and registering price rises.” After London, Scotland was the next worst performer, with an average property value fall of £20.59 per day or £3,768 in total in the first half of 2019. Looking locally across Britain, homeowners in Berkhamsted in Hertfordshire have seen the most value added to their properties so far in 2019, with the average home there gaining £185.11 each day in value or £33,875 in total. At the other end of the spectrum Leatherhead in Surrey was the worst-performing town in Britain for price growth in the first half of 2019, with the average home value falling by £89.12 in value per day or £16,309 in total.