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Home prices rising faster in East Midlands, Yorkshire and Wales than in London

Alex Johnson

7ad34756b783e0464934dd115a164e344f900907 300x199 Home prices rising faster in East Midlands, Yorkshire and Wales than in LondonAround £156 billion was added to the value of British homes between April and June this year, taking the total value of Britain’s residential housing stock to £6.2 trillion, according to research by Zoopla.co.uk, the property search website.

All eleven regions in Britain saw their average property value increase by at least 2% over the period, the first time this has happened since the 2008 downturn.

The biggest increase in values was in the East Midlands where values increased just over 2.8% or £4,495. Yorkshire and the Humber was the second best performing region (2.8% and £3,933) followed by Wales (2.72% and £4,155). All three of those regions saw bigger rises than London (2.71%).

The list of places with the biggest increase in values was less dominated by southern areas, with six northern towns featuring in the top 10. Ellesmere in Shropshire saw the biggest increase, with the average value in the area rising 3.25% (£6,657). Ripon, North Yorkshire and Snodland in Kent, were second and third, with average values rising 3.23% and 3.21% respectively.

Average values rose slowest in Glenrothes, Fife. The town saw values rise 1.69% (£1,907), followed by Heywood, Greater Manchester (1.70%), and Spennymoor, County Durham (1.73%).

Lawrence Hall of Zoopla.co.uk, a partner of the Independent, said: “The housing market is at its strongest since the Lehman Brothers collapse. Confidence is beginning to return to the market, with both lenders and buyers seemingly more convinced that the worst of the economic crisis is behind us. Mortgage lending has improved markedly this year, which is unclogging the bottleneck at the lowest end of the market. This is starting to drive activity all the way up the housing chain and house prices have increased as a result, and for once not just in the South East. The East Midlands, Wales, and Yorkshire have all have seen prices increase more than London during the second quarter.”

AVERAGE PROPERTY VALUES BY REGION

Region Avg. value

July 2013

Avg. value

April 2013

£ Change % Change
East Midlands £165,910 £161,415 £4,495 2.78
Yorkshire and The Humber £145,632 £141,699 £3,933 2.78
Wales £157,033 £152,878 £4,155 2.72
London £478,256 £465,646 £12,610 2.71
North East England £162,595 £158,357 £4,238 2.68
West Midlands £176,602 £172,013 £4,589 2.67
North West England £159,019 £154,912 £4,107 2.65
South East England £299,765 £292,112 £7,653 2.62
Scotland £162,169 £158,344 £3,825 2.42
East of England £249,363 £243,649 £5,714 2.35
South West England £233,999 £228,784 £5,215 2.28

BEST PERFORMING PLACES APRIL-JUNE 2013

Rank Location Avg. value

July 2013

Avg. value

April 2013

£ Change % Change
1 ELLESMERE, Shropshire £211,626 £204,969 £6,657 3.25
2 RIPON, North Yorkshire £246,951 £239,222 £7,729 3.23
3 SNODLAND, Kent £178,870 £173,306 £5,564 3.21
4 TOTNES, Devon £310,472 £300,848 £9,624 3.20
5 ORMSKIRK, Lancashire £232,936 £225,720 £7,216 3.20
6 MIRFIELD, West Yorkshire £177,368 £171,879 £5,489 3.19
7 NEWARK, Nottinghamshire £172,394 £167,064 £5,330 3.19
8 RHYL, Denbighshire £124,630 £120,791 £3,839 3.18
9 HARPENDEN, Hertfordshire £665,197 £644,720 £20,477 3.18
10 IVER, Buckinghamshire £466,231 £451,879 £14,352 3.18

WORST PERFORMING PLACES

Rank Location Avg. value

July 2013

Avg. value

April 2013

£ Change % Change
1 GLENROTHES, Fife £114,448 £112,541 £1,907 1.69
2 HEYWOOD, Greater Manchester £118,029 £116,054 £1,975 1.70
3 SPENNYMOOR, County Durham £121,089 £119,025 £2,064 1.73
4 GAINSBOROUGH, Lincolnshire £125,087 £122,954 £2,133 1.73
5 FOLKESTONE, Kent £184,233 £181,084 £3,149 1.74
6 GUISBOROUGH, North Yorkshire £164,136 £161,319 £2,817 1.75
7 YELVERTON, Devon £265,614 £261,027 £4,587 1.76
8 BRAINTREE, Essex £231,270 £227,276 £3,994 1.76
9 SWANSEA, Swansea £146,370 £143,835 £2,535 1.76
10 NORWICH, Norfolk £194,494 £191,120 £3,374 1.77
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