Home values are rising sharply in several UK towns, with significant increases reported across various regions this year
Last year was a bit of a mixed bag, with a third of homes actually losing value. That’s over nine million properties that saw declines of more than 1%. The drops were mostly in southern England, where higher mortgage rates have made it tougher for buyers. Overall, though, the average property value went up by about £2,400 last year.
If you’re thinking about moving, it’s good to know where property values are climbing. When values go up, it usually means there’s a lot of demand in that area. Richard Donnell from Zoopla mentioned that while the housing market is bouncing back, the changes in home values aren’t the same everywhere.
He pointed out that there’s still room for prices to rise in places where homes are more affordable compared to local incomes, especially in northern England and Scotland. On the flip side, southern England is feeling the pinch with affordability issues, but faster income growth might help ease that in the future.
So, here’s a quick rundown of the towns where home values are soaring the most this year. In the East Midlands, Glossop leads with a whopping 67% increase, while Berkhamsted in the East of England saw a 53% rise. Waltham Forest in London isn’t far behind with a 64% increase. Other notable mentions include Peterlee, Blackburn, and Carluke, all showing impressive growth.
On the other hand, some towns are seeing their property values drop. Corby in the East Midlands has seen a 74% decrease, and Kensington and Chelsea in London is down by a staggering £44,300. It’s a mixed bag out there, but knowing where the trends are can really help if you’re looking to buy or sell.
