(PRWeb UK) September 30, 2010
Windsor & Maidenhead is the area with the highest average property value in the country, outside of London property, according to the latest figures from leading property website, Zoopla.co.uk. The average house price in Windsor & Maidenhead is now £409,939, a mere £3,411 below the average London house price, which is currently £413,350.
In contrast, average property prices in North Lincolnshire currently stand at £124,921, the lowest in the nation and a staggering 70% less than in London and 45% below the national average, highlighting the growing North/South divide in house prices.
The statistics released today by Zoopla.co.uk, which provides free value data on every property in the country, also show that all of the top 10 wealthiest property markets are located in the South. South Gloucestershire (£384,102), Surrey (£357,863) and Hertfordshire (£317,687) round out the list of areas with the highest property values in England. Meanwhile, the North is home to all of the top 10 poorest housing markets in the country, with Hartlepool (£124,949), Durham (£133,257), South Yorkshire (£137,413) and Nottinghamshire (£137,949) not far behind North Lincolnshire.
Given it is now almost 3 years since the housing market in England peaked in late 2007, Zoopla.co.uk also studied how each area has fared since the downturn began and it is clear that some markets have weathered the storm far better than others. Average property values in England as a whole remain 8.7% below their peak levels of 3 years ago and now stand at £225,045, representing an average loss in value of £21,303 over the past 3 years, but are up by 11.2% over the past 18 months from the lows reached in March 2009.
Whilst the London property market has proven far more resilient than most with the average property price now only 3.5% below September 2007 levels, the area where house prices have bounced back strongest is Bath & NE Somerset where property values are now only 1.5% below where they were 3 years ago. At the other end of the scale, the country’s biggest loser is Lincolnshire where property prices remain 11.2% below their peak levels, despite having risen by more than 8% in the past 18 months from the March 2009 lows.
Oxfordshire came in third place in terms of the most resilient housing markets with home values now only 4.7% below where they were 3 years ago, followed closely by Warwickshire (down 4.78%) and Hertfordshire (down 4.9%) since September 2007. However, Nottinghamshire (down 11%), South Yorkshire (down 10.7%), Worcestershire (down 10.5%) and the West Midlands (down 10.4%) have not fared much better than Lincolnshire.
Nicholas Leeming, Commercial Director of Zoopla.co.uk comments: “In terms of both current house prices and market performance over the past 3 years, there is a clear north-south divide. The manufacturing base of the Midlands was severely hit by the recession and heavy job losses have taken their toll on the region’s economy. As the economy strengthens the housing market will likely perform best in those areas least sensitive to the upcoming public sector cuts and the property divide looks set to get even wider.”
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.
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 become the ultimate destination for property consumers to search for property and do their market research. We are the UK's fastest growing property website and are proud to have been named 'Best Property Portal 2009' (Daily Mail UK Property Awards).