Average home value in UK on the increase
The days may be over when house prices race up each year and make millions of us small fortunes, but latest figures show that they are on the rise again at least after four years of house price pain.
The value of the average home in Britain climbed by £3,373 (1.5 per cent) over the past year, according to new data released from property website Zoopla.co.uk. The average value now stands at £226,369.
The average asking price in Gloucestershire is £304,385, according to Zoopla.co.uk. In Stroud this stands at £352,928 and Stonehouse £276,624.
Increases were experienced in all but three regions of Britain: the North West, (-2.5 per cent), Wales (-1.4 per cent) and Yorkshire and The Humber (-0.55 ).
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Prices in London have continued to rise at a far faster pace than the rest of Britain over the past 12 months. The average value in the capital increased by £30,259 (+7.3 per cent) over the past year, while the South East experienced a 3.4 per cent increase.
Within the top 50 cities and towns outside London, the Midlands faired the best with Wolverhampton experiencing a 12-month rise of 5.08 per cent, where values now stand at £157,884. In third place, Coventry has seen similar gains with growth of 4.45 per cent and an average price of £150,343.
Peterborough's house prices, unfortunately, dropped the fastest. Some 3.43 per cent dropped off values leaving its average house price at £161,974, closely followed by Aberdeen where values have dropped 3.36 per cent over the past 12 months.
Wigan rounds off the bottom three with property values now standing at £128,993.
While values are relatively flat, there is stability. However, transaction levels for the previous three months and next three months will be the most telling in terms of where the market could head next year and whether stability is here to stay.