Half of all UK homes have increased in value in the first half of 2024 by 1% or more, says Zoopla. This is the highest number of homes to have increased in a six-month period since December 2022.Since New Year the average home has increased by £2,400 to £278,000.
A third of all UK homes (equivalent to 10m) have increased by £5,000 or more in the last six months whilst 8m homes (27%) have also kept their value stable. By contrast some 6.7m homes have seen their value fall by at least 1% in the same period.
Homeowners in Oldham (83%), Wakefield (77%) and County Durham were most likely to see the value of their homes increase in value by 1% or more since the start of 2024.
Its homes valued below £150,000 that register higher value growth (5%+) in the northern regions. Owners of terraced homes, in particular, are seeing more gains than owners of other property types as nearly a fifth of terraces went up in value by 5% or more since the beginning of 2024.
These increases are driven by the popularity of value-for-money homes amongst buyers facing higher mortgage costs. But in southern England, where high mortgage rates have impacted affordability, Zoopla finds the top 10% of the most expensive homes saw more gains than cheaper or average priced homes. In areas such as West-Central London, Watford and Bath, seven in 10 homes have increased by at least £5,000 or more since the start of the year.
