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1 Million Homes in North England Worth £10,000 More After 6 Months

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    Data Shows Property Market’s North-South Divide is Continuing

    According to new research from Zoopla, there’s a significant difference in price growth performance between property markets in the North and South of England.

    An uptick in buyer confidence and sales volumes during the first half of the year has given a boost to the market, which has resulted in some significant price growth in the past 6 months for some areas of the UK. Overall, the average UK house has increased in value by £2400, but they also found that 1 million homes in northern England have increased by £10,000 or more in the first half of 2024.

    The data is sourced from value estimates for around 30 million UK homes using a combination of local sold and asking price data to get an average market value of property. Tracking house price growth trends is a key part of any buy-to-let property investment strategy.

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      House Price Growth Shows Improvement on Last Year

      The data suggests that around half of UK homes increased in value by at least 1% in the first half of 2024, the highest number since December 2022.

      A third of dwellings jumped by £5000 in value, double the amount that increased by this amount in 2023.

      However, the data also reveals that some markets are taking longer to recover from the challenging conditions, as 6.7 million UK homes have fallen in value by at least 1%. However, this also suggests an overall improvement in the UK market, as 14 million homes lost value at the end of 2023.

      Zoopla forecasts that, on average, house prices will grow by 1.5% by the end of 2024, and the north-south divide will continue, with the north displaying a better price growth performance.

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      North West is Region with Most Homes Growing in Value by 1% or More

      According to Zoopla, there is a clear north-south divide when looking at average changes in value across UK homes. They found that fewer homes are gaining value in the south, likely due to the higher average property price, exaggerating the impact of higher mortgage rates on buying power.

      Home values are rising fastest in northern England, with half of homes gaining £1000 – £10,000 of value in the first half of the year, and 1 million homes (14%) increased by over £10,000.

      The North West was the region with the highest number of homes, growing in value by at least 1%.

      The data also reveals a trend regarding the type of properties performing well. With currently elevated mortgage rates, value-for-money homes are a popular choice, with properties worth under £150,000 seeing the highest value growth (over 5%).

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      Author

      Jessica Ferris

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      Jessica Ferris is a property writer at RWinvest, helping our readers stay ahead of property market trends with the latest news and statistics.

      Market & Investment Trends, UK