UK Property Prices Rising Though Capital Sees Fall

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UK property prices have been rising during the first half of this year according to the latest data from UK property portal Zoopla.

However, while average UK property prices have risen by around £11 per day, prices in London have been going the opposite way.

UK property prices rose by £2,046 in the six months to the end of June, but the headline figure masked significant regional variation.

The best performing region was the West Midlands, with property prices up by an average of £36.58 a day, giving a total gain of £6,695.

A close second was the South East, with values up on average £35.32 each day or £6,463 in total; the North West is in third place, up £20.39 per day or £3,731 in total.

However, London was by far the worst performing region for UK property prices, where the average value of all properties has fallen by £71.23 per day – down by a huge £13,035 over the period.

The only other region to see property price drops as a whole was Scotland, where prices fell by £20.59 per day on average losing an average of £3,768 over the first six months of 2019.

Meanwhile, UK property price growth was subdued in the South West, with house prices rising by just £4.55 a day or a total of £832 during the first six months, and the North East, where property values rose by £6.97 a day.

Some odd local anomalies were also found, with Reigate in Surrey coming a close second only to Berkhamsted in Hertfordshire for UK property price growth, gaining £184.28 per day, while the close neighbouring town of Leatherhead just 7 miles away was the worst-performing town in Britain for house prices in the first half of 2019, with the average property value falling by £89.12 in value each day.

Spokesperson for Zoopla, Laura Howard, said: ‘An increase in the total value of housing was recorded across nine of the 11 regions analysed, with average property values in the West Midlands making the most for homeowners.’

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