UK house prices jump by £7,000 over the first half of 2015


Updated on 22 July 2015 | 1 Comment

UK homes rose in value by 2.7% in the first six months of this year.

The price of UK homes rose by an average of £7,000 (2.7%) in the first half of this year, according to property website Zoopla.

At the start of July, the average UK house price stood at £270,674, up £6,974 on January’s figure of £263,699.

Property prices rose across the UK over the first half of the year. Scotland experienced the highest rate of growth, with an average increase of 6.6% (£11,382). The average home in Scotland now costs £183,230.

The next best performers were the North East and the North West reporting a 3.1% and 3% increase respectively.

Wales fared the worst with a 1% rise over the first half of the year (£1,584).  

Region

Average value January 2015

Average value July 2015

£ change

% change

Scotland

£171,848

£183,230

£11,382

6.6%

North East England

£171,044

£176,390

£5,346

3.1%

East of England

£289,112

£297,878

£8,766

3.0%

North West England

£167,118

£171,977

£4,859

2.9%

South East England

£256,396

£261,731

£5,335

2.1%

London

£584,777

£599,162

£14,385

2.5%

West Midlands

£189,735

£193,717

£3,982

2.1%

South West England

£256,396

£261,731

£5,335

2.1%

East Midlands

£180,645

£184,119

£3,474

1.9%

Yorkshire and The Humber

£154,226

£156,708

£2,482

1.6%

Wales

£164,894

£166,478

£1,584

1.0%

[SPOTLIGHT]Zoopla’s Lawrence Hall said that the Scottish house price boost could be down to a ‘post-referendum bounce’ as businesses and capital return following the uncertain September vote.

City to city changes

Edinburgh registered the largest growth in houses from January at 8.2%, a £20,465 increase. Aberdeen secured third place with a 6.4% (£15,416) rise over the first six months, coming second to Colchester in Essex, which saw a 7.6% (£19,088) increase.

Yorkshire, on the other hand, has three of the ten worst-performing cities. Rotherham topped the list with a dip of 2.1% (-£2,752). Wolverhampton, Newcastle-upon Tyne and Middlesbrough saw modest dips of -0.1% each (-£273 and -£97 respectively).

Surprisingly, London was slightly below the national average with only a 2.5% (£14,385) rise since January. Recent reports suggest the new tiered Stamp Duty charges, which are far higher for properties over £925,000, are having an impact.

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More on housing:

Rightmove: growing demand for smaller properties

Landlord tax relief changes: what’s next for rents?

Number of UK property millionaires passes 500,000

Halifax: house prices jump in June

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