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First-time Buyers

House prices up £7,000 since January

Adam Williams
Written By:
Adam Williams
Posted:
Updated:
22/07/2015

Property prices have rocketed £7,000 since the turn of the year, market analysis by Zoopla has shown.

The property portal said prices across the UK grew by an average of 2.7% during the first six months of the year, equivalent to a £7,000 rise.

This meant the average British house price stood at £270,674 at the end of June.

Scotland was home to the biggest growth with property prices in the nation increasing by 6.6% to an average of £183,230. The Scottish capital was the best performing city in the UK with property prices in Edinburgh rising 8.2%, representing a £20,465 increase in the last six months.

In England the North East and North West regions led the way, registering a 3.1% and 3% increase respectively.

However, not all northern regions performed as strongly with Yorkshire home to three of the ten worst-performing cities. Rotherham witnessed a fall in average home values of 2.1% (-£2,752), the biggest fall in Britain.

Lawrence Hall of Zoopla said after a slow start the market has sprung into life as the summer approached.

“While national property price growth saw a slow start to the first half of the year, it recovered strongly towards the end of the period,” he said.

“The strong regional figures across the board indicate an economy which is returning to health, with a series of Government incentives designed to encourage home-buying helping to boost demand for property in all parts of Britain.”

“The real winner here is Scotland. The surge in property values can, in part, be explained as a post-referendum bounce, as businesses and capital flood back to Scotland, after withholding investment during the volatile September referendum period. A post-General Election feel-good factor must not be discounted as more devolution promised has given property prices a bounce as Scots anticipate more jobs and investment coming their way.”


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