Following a gain of £67 billion in the total value of all homes in 2010, Britain then suffered sharp falls in value amounting to £124 billion in 2011.
However, figures calculated by Zoopla.co.uk, combining the estimated current market value of every individual home in Britain, indicate that there was a rise of £57 billion in 2012, which, encouragingly, brought the total British market value back to the same level as at the end of 2009.
Amongst the twenty largest cities across Britain, the highest increases in value were seen in London (up £42.4 billion), Bristol (up £2.3 billion) and Edinburgh (up £922 million), whilst the highest losses over 2012 were in Sheffield (down £286 million), Doncaster (down £160 million) and Stoke-on-Trent (down £149 million).
Lawrence Hall of Zoopla.co.uk said: “These figures highlight the varying performance of the property market in different regions around the UK last year. While some areas saw decent growth in property values, others are still facing an uphill struggle.”
Although the market has essentially broken even over the past 3 years and despite Britain suffering the biggest annual decrease over the last decade in 2008, when 12% (£792 billion) was wiped off the value of Britain's housing market, the total value of all homes in Britain combined has risen by £1.9 trillion (46%) over the past decade.
In the words of Lawrence Hall: “Even with the worst economic downturn in living memory over the past few years, the value of Britain’s housing stock has grown a staggering amount over the last ten years. Iti s hard to see if we will experience the same levels of year-on-year growth witnessed in the early noughties, but with overall values beginning to creep back up, homeowners should be feeling a little more confident.”
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This is not legal advice; it is intended to provide information of general interest about current legal issues.
