Zoopla.co.uk: Home Values Hit 8 Month Low

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Recent figures show that British property values are down 11% from last July with prices 18% below their peak. According to Zoopla.co.uk this dip has created some interesting buying opportunities.

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"Whilst it has been a challenging period for the property market over the past few months, the recent dip in prices and the notable variance between regions may have created some interesting buying opportunities.

Having hit a 5-year low in February 2009, UK property values rose steadily during the rest of that year and throughout the first half of 2010, but have since fallen for the past eight successive months, accordingly to the latest data from property website Zoopla.co.uk, by an average of 11.09% since last summer, creating a potential buying opportunity.

Property prices in England have fallen by an average of £26,240 (11.06%) since last July, whilst in Scotland they are down on average by £21,489 (12.37%) and in Wales by £17,205 (10.73%). The average home values now stand at £211,003 in England, £152,106 in Scotland and £143,182 in Wales according to Zoopla.co.uk, which provides free value estimates of every UK home.

Across Britain, average house prices are now 18.01% (£45,594) below their peak, with the average house price at £201,911 compared to £247,505 in October 2007. The recent dip over the past 8 months could well have created a buying opportunity if prices start to pick up in the second half of the year as predicted by many.

Regionally, the North East has been hardest hit over the past few months, down 14.12% since last July with average local house prices now at £146,242. Not surprisingly, London has proved most resilient down only 7.59% over the same period to an average of £378,295 today. Property values in the North East now stand at 24.39% below their October 2007 peak, a massive drop of £47,173, compared to London where prices now are only 8.36% below the peak levels having fallen £34,527.

Nick Leeming, Business Development Director at Zoopla.co.uk, commented, "Whilst it has been a challenging period for the property market over the past few months, the recent dip in prices and the notable variance between regions may have created some interesting buying opportunities. The first half of 2010 provided strong gains in market values but, since last summer, economic uncertainty and lending constraints have eroded these gains and put downward pressure on house prices.”

For further information, please contact:
Lawrence Hall at lawrence.hall(at)zoopla(dot)co(dot)uk or on 020 7620 4618

About Zoopla.co.uk
Zoopla.co.uk is the UK’s most comprehensive property website, focused on empowering consumers with the resources they need to make better-informed property decisions. We help our users make sense of the residential property market by combining property listings with market value data, local information and community tools.

Zoopla.co.uk was founded on the principles of transparency and efficiency and everything we do aims to make the market more effective for both property consumers and professionals alike. Our mission is to provide the most useful online property experience by:

  •     displaying property listings along with value and price trend information
  •     providing rich property data and local market information in one place
  •     enabling users to search for property in a variety of customised ways
  •     allowing users to engage with professionals via our tools like AskMe!
  •     building relationships between home owners and local estate agents

By combining free, instant value estimates for every UK home with sold prices, local market information and hundreds of thousands of properties available for sale and to rent, Zoopla.co.uk has rapidly become the ultimate destination for property consumers to search for property and do their market research. Launched on 2008, we are the UK's fastest growing property website, now attracting over 7 million visits per month and are proud to have been awarded numerous accolades including being listed in the Top 10 UK Tech Companies (Guardian) and the Top 10 Most Innovative UK Companies (Smarta 100) as well as being voted the UK's Best Property Portal (Daily Mail Awards).

Our unique features, like AskMe!™ and TemptMe!™ allow users to gain an insight into the market and discover information they won't find anywhere else. And our AskAnAgent feature has rapidly become one of the most valued sources of vendor leads for UK estate agents. We provide value estimates on every UK home - all 27 million - and calculate our estimates using a proprietary algorithm (secret formula) that continuously analyses millions of data points relating to property sales and home characteristics throughout the UK. Our estimates are constantly refined and updated daily, using the most recent data available and a variety of methodologies, in order to provide the most current and accurate value data on homes and areas across the UK.

Zoopla Ltd is a privately held company with a highly experienced and proven management team, backed by well-respected angel investors and leading venture capital firms Atlas Venture and Octopus Ventures.

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Lawrence Hall
Zoopla.co.uk
+44 (0)20 7620 4618
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