Home > Mortgages > Mortgage Data
Wide regional disparity in house price trends in 2011
New data points to drop in house prices overall in 2011, while Scotland recorded a near seven per cent rise over the year.
Scottish house prices outperformed the rest of Britain in 2011, recording an average increase of 6.73 per cent to an average value of £164,844, new data from property valuation website Zoopla show.
According to Zoopla, the average house price in Britain finished was £221,331 at the end of the year, down a modest 0.2 per cent from the end of 2010.
Average home values in England fell 0.75 per cent over the year, finishing 2011 at £228,926, whilst the average property in Wales was worth £153,826, down 0.1 per cent on one year ago.
However, the north and south divide in England continues to widen with property prices rising over the last year in London and the south-east while falling “substantially” in the north.
The average home in London is now worth £416,890, up 2.3 per cent on one year ago. The north-east was the worst performing region over the past year, with average house prices falling 5.8 per cent to £156,659.
Nicholas Leeming, business development director at Zoopla, highlighted that national statistics on the housing market can mask differing fortunes in different parts of the country.
He said: “Londoners continue to see the market go from strength to strength, with high demand for a limited number of properties boosting house prices.
“However, for areas such as the north-east where the local economy has suffered more than most, it’s a different story. 2012 does not show much sign of being markedly different to 2011, however, if the overall economy starts to show signs of strength this will filter quickly through to the property market.”
