Homeowners breathe a sigh of relief
Home values across the nation increased in 2009
With 2009 a distant memory, British homeowners can breathe a sigh of relief compared to the same period last year as home values across the nation increased by £39.1 billion last year. Whilst the increase is modest, it is a massive improvement over 2008 when British property values fell £811.3 billion, according to property website Zoopla.
Average British home value up £1,517 in 2009, after dropping £31,355 in 2008
Average property value up £4 per day in 2009, after losing £86 per day in 2008
England & Scotland property values rise but Wales continues decline in 2009
Biggest rebound in Gloucestershire, up 3.8 per cent this year after 14.1 per cent drop in 2008
However, with the total value of the British residential housing stock now standing at £5.3 trillion, up marginally on one year ago, it still remains over three quarters of a trillion pounds below its peak of £6.1 trillion in late 2007. The average home in Britain is now worth £205,591, up £1,517 (0.7 per cent) from one year ago, a daily gain of £4 for the average property. This is in stark contrast to 2008 when property values fell by £31,355 (13.3 per cent) on average, equivalent to a daily loss of £86 per home.
Property prices in England have climbed 0.9 per cent over the past 12 months, having fallen 13.9 per cent in 2008. Scottish values have also risen in 2009 by 0.6 per cent to an average of £156,905 up from £155,597 at the end of last year. However, the property market in Wales is yet to rebound and has seen average values drop a further 2.5% (£3,866) in 2009 on top of the 13.2 per cent decline in 2008.
Homeowners in Gloucestershire have had the biggest cause for celebration in 2009 as average property values have risen 3.8 per cent over the past year to a current average home value of £229,945.
Commenting Zoopla said, “2008 was undoubtedly the annus horribilis for homeowners. But, property prices stabilised during 2009, rising gradually since April after a fairly weak first quarter and the housing market did not worsen in 2009 as some had feared and recovery signs are starting to take hold. With the biggest share of the UK's household wealth, 39 per cent in property, it is far better news for homeowners than at the start of last year."
