Average UK home value now £218,705
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The average UK home is now worth £218,705, up £21,667 - 11.02% since March 2009, according to property website Zoopla.co.uk.
However this figure remains more than £20,000 below the November 2007 peak, when average house prices reached £239,063, showing that despite the rebound over the last 16 months only half the ground lost over the prior 16-month period has been made up.
Zoopla.co.uk believes the second half of 2010 is an important juncture, which will determine the direction of house prices for the months to come.
UK house prices have risen steadily for the past 16 months, bouncing off their lows of March 2009 and recovering half of the value lost during the prior 16 month period of price declines from the November 2007 market peak.
Property prices in England have recovered more ground than elsewhere, having climbed 11.46% since March 2009, with the average home in England now worth £226,342, but still well below the level reached in November 2007 of £246,714.
“By contrast homes in Wales have been much slower to rebound, up only 7.07% since March 2009 to a current average value of £154,521, a long way short of the £173,388 peak in November 2007. Scottish property values have climbed 9.12% on average to £156,217 over the past 16 months, having fallen 18.1% in the prior 16-month period when they reached a high of £174,805.
Nicholas Leeming, commercial director of Zoopla.co.uk, says: “We have reached an important point in a market seeking direction and have come through two periods of equal length and opposing directions. Despite the most recent 16 months of gains, only half of the value lost in the prior 16 months has been recouped. It is entirely possible that we may now have a similar length period of time where the market hovers without a clear direction.”
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