House prices rise by the price of a good bottle of wine a day
The typical home saw £2,046 added to its value during the first six months of the year.
The value of the average home increased by £11 a day during the first half of 2019, adding £60 billion to the total value of the UK’s housing stock.
House prices rose by £2,046 in the six months to the end of June, but the headline figure masked significant regional variation, according to analysis by Zoopla.
The West Midlands was the best performing region, with property values jumping by an average of £36.58 a day, giving a total gain of £6,695.
But at the other end of the spectrum, house prices in London fell by £71.23 a day, wiping around £13,035 off their value during the first half of the year.
Laura Howard, spokesperson for Zoopla, 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.
Which regions have seen the strongest growth?
While the West Midlands posted the strongest house price gains during the first half, south east England was not far behind, with the typical home adding £35.32 a day to its value or a total of £6,463.
North west England saw the third strongest gains at £20.39 a day, with Yorkshire and the Humber completing the top five with homes in the region rising by an average of £12.37 a day during the first half of the year.
Regional value changes since January 2019
|
Rank |
Region |
January value (£) |
July value (£) |
£ total change |
£ change per day |
|
1 |
West Midlands |
230,676 |
237,371 |
£6,695 |
£36.58 |
|
2 |
South East England |
406,821 |
413,284 |
£6,463 |
£35.32 |
|
3 |
North West England |
198,446 |
202,177 |
£3,731 |
£20.39 |
|
4 |
Wales |
190,610 |
193,910 |
£3,300 |
£18.03 |
|
5 |
Yorkshire and The Humber |
181,918 |
184,181 |
£2,263 |
£12.37 |
|
6 |
East of England |
360,707 |
362,823 |
£2,116 |
£11.56 |
|
7 |
East Midlands |
224,352 |
226,177 |
£1,825 |
£9.97 |
|
8 |
North East England |
192,388 |
193,663 |
£1,275 |
£6.97 |
|
9 |
South West England |
309,333 |
310,165 |
£832 |
£4.55 |
|
10 |
Scotland |
194,942 |
191,174 |
-£3,768 |
-£20.59 |
|
11 |
London |
670,535 |
657,500 |
-£13,035 |
-£71.23 |
Where is the housing market slower?
Alongside London, Scotland was the only other region to see house price falls in the first half of 2019, with properties north of the border losing an average of £20.59 of their value each day.
Meanwhile, 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.
Despite the price falls, London continues to have the most expensive homes by some margin, with the average property costing £657,500, followed by the south east of England at £413,284.
What about individual towns?
In terms of individual towns, properties in Berkhamsted enjoyed the largest gains at an average of £185.11 a day, adding a massive £33,875 to their value during the first half of the year.
Reigate was not far behind with house prices in the town rising by £184.28 a day, followed by Epping at £178.45 a day.
In London, Notting Hill and Holland Park saw the fastest house price rises at £141.46 a day.
By contrast, the biggest losses were recorded in Hampstead, Belsize Park and Swiss Cottage, where house prices slipped by an average of £179.28 a day, and Leatherhead at £141.46 per day.
Top 10 post towns for value increases since January 2019
|
Rank |
Town |
January value (£) |
July value (£) |
£ total change |
£ change per day |
|
|
1 |
Berkhamsted |
683,356 |
717,231 |
£33,875 |
£185.11 |
|
|
2 |
Reigate |
583,392 |
617,115 |
£33,723 |
£184.28 |
|
|
3 |
Epping |
593,587 |
626,244 |
£32,657 |
£178.45 |
|
|
4 |
Billericay |
523,326 |
554,625 |
£31,299 |
£171.03 |
|
|
5 |
Winchester |
537,660 |
568,681 |
£31,021 |
£169.51 |
|
|
6 |
Bushey |
565,030 |
593,849 |
£28,819 |
£157.48 |
|
|
7 |
Ware |
462,779 |
489,563 |
£26,784 |
£146.36 |
|
|
8 |
Godalming |
593,181 |
619,963 |
£26,782 |
£146.35 |
|
|
9 |
Uckfield |
440,467 |
464,636 |
£24,169 |
£132.07 |
|
|
10 |
Waltham Cross |
399,642 |
423,025 |
£23,383 |
£127.78 |
|
Top 3 takeaways
-
The value of the average home increased by £11 a day during the first half of 2019 adding £60 billion to the total value of the UK’s housing stock
-
The West Midlands was the best performing region, with property values jumping by an average of £36.58 a day
-
House prices in London fell by £71.23 a day, wiping around £13,035 off their value during the first half of the year