Yorkshire house prices: total property value down 2% this year

The total value of Britain's property market has fallen by nearly 27 billion since the start of 2018, analysis by Zoopla has found
The total value of Britain's property market has fallen by nearly 27 billion since the start of 2018, analysis by Zoopla has found
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The total value of Britain's property market has fallen by nearly £27 billion since the start of 2018, analysis by Zoopla has found.

Although the South West of England was identified as the worst-performing region for house price growth since January, with a 2.51% fall in property values, this was followed by Yorkshire and the Humber, with a 2.12% decrease.

Total property value in Yorkshire have gone down 2% this year

Total property value in Yorkshire have gone down 2% this year

The current average house price in Yorkshire and the Humber is £175,022 with the change in cash and percentage terms being minus £3,783 and minus 2.12% respectively.

Whilst this fall in property value may be bad news for some home-owners, for first-time buyers falling property prices in certain areas could potentially provide new opportunities.

How this compares to the UK

The total value of property in the UK now stands at £8.19 trillion, which is down by £26.9 billion since January 1.

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

Zoopla analysed property values data on its website between January 1 and June 30 to make the findings.

The North East of England was identified as the best-performing region over the six-month period, with average values having increased by 3.31% since start of the year.

Wales was second, with a growth rate of 1.4% over the the past six months.

Heckmondwike among the biggest decreases

On a more local level, Heckmondwike, West Yorkshire, was ranked 8 out of 10 in the top 10 towns with the biggest decreases in property values since January.

The average current house price for this area is £127,418, decreasing £8,556 in cash terms and 6.29% in percentage.

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."

Here are the changes in property values since January 2018, according to Zoopla, with the current average house price followed by the change in cash and percentage terms since January:

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%

Here 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%

Here 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%