North East house prices among the fastest rising in the UK this year

North East house prices among the fastest rising in the UK this year
The average house price is valued at £188,351 in the North East, according to Zoopla (Photo: Shutterstock)

Property values in the North East of England are the best performing in the UK, with the average house price enjoying the biggest increase since the start of the year.

The average property value in the region is now valued at £188,351 – a growth of 3.31 per cent since 1 January, amounting to an increase of £6,030 per home.

How this compares to the UK

Britain’s property market as a whole has plummeted by nearly £27 billion since the start of the year, according to data from Zoopla.

The website puts the total market value at £8.19 trillion – down by £26.9 billion since 1 January.

The average home in the UK has decreased in value by £5.12 per day during the first six months of 2018, amounting to a fall of £927 per property.

Since the start of this year, the total value of Britain's property market has fallen by nearly £27 billion, analysis by Zoopla has found (Photo: Shutterstock)
Since the start of this year, the total value of Britain’s property market has fallen by nearly £27 billion, analysis by Zoopla has found (Photo: Shutterstock)

The falling property prices marks bad news for some home-owners across the country, but in the North East the housing market is on the up, with the region identified as the best performing over the period of 1 January and 30 June.

Wales followed closely behind, with a growth rate of 1.4 per cent over the past six months.

Meanwhile, the South West of England was identified as the worst-performing region for house price growth since January, with a 2.51 per cent fall in property values, followed by Yorkshire and the Humber with a 2.12 per cent decrease and the East Midlands with a 1.22 per cent fall.

Speaking of the findings, Zoopla spokesman Lawrence Hall said: “Uncertainty around Brexit is a very real factor in the market.

“However, on the positive side, the drop is creating a potential opportunity for first-time buyers to get a foot on the ladder in some regions across Britain.”

Changes in property values

These are the changes in property values across the UK since January 2018, with the current average house price, followed by the change in cash and percentage terms since the start of the year.

Nations and regions are ranked in order of percentage growth in values, from the biggest increases to the biggest falls:

1. North East England, £188,351, £6,030, 3.31%

2. Wales, £190,210, £2,623, 1.40%

3. London, £665,132, £4,942, 0.75%

4. West Midlands, £225,592, £733, 0.33%

5. South East England, £406,206, £140, 0.03%

6. East of England, £354,972, minus £1,600, minus 0.45%

7. Scotland, £187,890, minus £1,212, minus 0.64%

8. North West England, £192,614, minus £2,165, minus 1.11%

9. East Midlands, £212,847, minus £2,633, minus 1.22%

10. Yorkshire and the Humber, £175,022, minus £3,783, minus 2.12%

11. South West England, £300,123, minus £7,716, minus 2.51%

Regional property increases

These are the top 10 towns with the biggest increases in property values since January, with the average current house price, followed by the increase in cash and percentage terms:

1. Barrow-in-Furness, Cumbria, £139,578, £8,765, 6.70%

2. Holt, Norfolk, £405,738, £23,925, 6.27%

3. Pontypool, Torfaen, £155,870, £8,909, 6.06%

4. Honiton, Devon, £286,302, £15,940, 5.90%

5. Helensburgh, Argyll and Bute, £222,084, £12,259, 5.84%

6. Livingston, West Lothian, £175,430, £9,499, 5.72%

7. Fordingbridge, Hampshire, £453,948, £24,306, 5.66%

8. Hinckley, Leicestershire, £236,061, £12,548, 5.61%

9. Axminster, Devon, £332,964, £17,561, 5.57%

10. Blaenau Ffestiniog, Gwynedd, £113,757, £5,915, 5.48%

Regional property decreases

These are the top 10 towns with the biggest decreases in property values since January, with the average current house price, followed by the decrease in cash and percentage terms:

1. Reigate, Surrey, £598,211, minus £42,967, minus 6.70%

2. Lydney, Gloucestershire, £244,695, minus £17,547, minus 6.69%

3. Sturminster Newton, Dorset, £347,641, minus £24,711, minus 6.64%

4. Woodford Green, Essex, £597,875, minus £41,948, minus 6.56%

5. Heathfield, East Sussex, £417,489, minus £29,163, minus 6.53%

6. Liskeard, Cornwall, £219,604, minus £14,922, minus 6.36%

7. Amersham, Buckinghamshire, £713,319, minus £48,344, minus 6.35%

8. Heckmondwike, West Yorkshire, £127,418, minus £8,556, minus 6.29%

9. Poulton-le-Fylde, Lancashire, £210,583, minus £13,881, minus 6.18%

10. Renfrew, Renfrewshire, £137,814, minus £9,048, minus 6.16%