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First time buyers to die of bad news poisoning: British house values rising £90 per day

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First time buyers to die of bad news poisoning: British house values rising £90 per day

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Published by Max Salsbury for 24dash.com in Housing and also in Finance

First time buyers to die of bad news poisoning: British house values rising 90 per day First time buyers to die of bad news poisoning: British house values rising 90 per day

Image: Money via Shutterstock

Those trying to get on the property ladder might be forgiven for having a long, hard weep in the cupboard: the average British home rose by £90 a day in value in the first half of 2014.

And, according to property website Zoopla, the average home is now worth £260,488 - up a staggering £16,265 since the start of the year.

Though all of the country's regions saw prices soar, at 8.2% (£43,115) London continued to experience the highest growth rate.

The East and South East of England were not far behind with house price growth of 7.5% (£19,440) and 7.4% (£23,031) respectively since January.

Though Wales and Scotland have so far trailed the rest of the country this year, prices still rose by 3.5% and 1.1% respectively, meaning nobody anywhere has escaped the relentless price hikes.

Meanwhile, lucky old Salford won the dubious honour of seeing its average property values rise faster than any other town in Britain over the first half of 2014.

Average property values in the Manchester suburb have risen 12% (£14,874) and now stand at £138,619 – a growth rate that eclipses even London, although average house prices in the capital, which currently stand at £567,392 according to Zoopla, are more than four times higher than in Salford.

Brough in Yorkshire and St Leonards-On-Sea in East Sussex have also seen prices rocket over the last six months, at 11.9% (£25,184) and 11.8% (£19,690) respectively.

However, despite the near blanket orgy of price rises, some locations actually saw prices fall.

The small town of Wadebridge in Cornwall saw prices drop by 2.1%. Though homes in the town lost an average £7,218 of their value, they still stand at a massive £349,192.

Towns suffering the highest price rises:

Location

Avg. value

Jan 2014

Avg. value

Jul 2014

£ Change

% Change

Salford, Greater Manchester

£123,745

£138,619

£14,874

12.0%

Brough, Yorkshire

£211,156

£236,340

£25,184

11.9%

St Leonards-On-Sea, East Sussex

£166,538

£186,228

£19,690

11.8%

Brentford, London

£367,816

£411,231

£43,415

11.8%

Tavistock, Devon

£240,305

£268,587

£28,282

11.8%

Hunstanton, Norfolk

£235,214

£262,660

£27,446

11.7%

Greenford, London

£308,744

£344,422

£35,678

11.6%

Faringdon, Oxfordshire

£299,630

£334,057

£34,427

11.5%

Prudhoe, Northumberland

£157,330

£175,359

£18,029

11.5%

Caldicot, Monmouthshire

£199,499

£222,346

£22,847

11.5%

Towns returning to sanity:

Location

Avg. value

Jan 2014

Avg. value

Jul 2014

£ Change

% Change

Wadebridge, Cornwall

£349,410

£342,192

-£7,218

-2.1%

Ryton, Tyne & Wear

£155,121

£152,224

-£2,897

-1.9%

Newton-Le-Willows, Merseyside

£138,744

£136,504

-£2,240

-1.6%

Treorchy, Rhondda Cynon Taff

£75,585

£74,428

-£1,157

-1.5%

Bacup, Lancashire

£114,326

£112,869

-£1,457

-1.3%

Accrington, Lancashire

£104,477

£103,177

-£1,300

-1.24%

Burntisland, Fife

£165,608

£163,630

-£1,978

-1.19%

Kinross, Perth & Kinross

£229,082

£226,347

-£2,735

-1.19%

Castleford, West Yorkshire

£124,073

£122,653

-£1,420

-1.14%

Totnes, Devon

£333,830

£330,130

-£3,700

-1.11%

Lawrence Hall of Zoopla said: “Homeowners up and down the country are starting to see the benefits of the recovery as home values make further headway in 2014. Over the past few years Salford especially has prospered from job creation in the area which has helped boost the local property market. 

"Property price growth has largely been a London and South East story until recently, so it is very encouraging to see the house price recovery broadening and the ripple effect starting to take hold further north.”

“There have been a few weak spots in the market so far in 2014, like Cornwall where the strong pound has started turning those looking for holiday homes back towards foreign property markets. And towns on the England-Scotland border are likely suffering from caution amongst buyers ahead of the referendum on independence in September.”

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