JANUARY 07, 2015 | BY A & S Property
Average value of British home grew by more than £15,000 in 2014
During 2014 the average home in Britain increased in value by £15,191 - equivalent to £42 a day - according to data from property website Zoopla.
The majority of this house price growth took place in the first half of the year, with prices having only risen by 1.4% since June, Zoopla says.
Meanwhile, growth has not been even across the country, with London and the south east experiencing the largest increases. The capital continued to lead the way with average property values growing by 15% over the last twelve months.
What’s more the south east enjoyed 9% growth during 2014 with the average property in the region now valued at £346,409.
For the second year running, Yorkshire and The Humber was the only region where house prices fell, with prices falling by £2,443 on average over the year.
Of the largest 50 cities across Britain, Zoopla’s findings show those in Yorkshire saw the smallest increases in price. Bradford’s properties experienced an average rise of just 0.83%, while Rotherham, Barnsley, Huddersfield and Hull all recorded increases of less than 3%, which is well below the national average.
Strong gains were recorded in Scotland, particularly in cities Edinburgh and Aberdeen where average prices rose by 11.8% and 9.7% respectively in the last twelve months.
Lawrence Hall, Zoopla’s Head of Communications, said that despite fears over the impact of April’s Mortgage Market Review, the UK property market maintained strong momentum during 2014.
“More regions [in 2014] saw property prices increase compared with 2013, indicating that the property market recovery continues and that the buoyancy will likely continue into 2015,” he said.