Mortgage News
Home values hit 8-month low
UK property values have fallen consistently since last July and are 18% below their peak, research has shown.
According to property website Zoopla.co.uk, property prices have followed a downwards trend for the past eight months with Scottish property prices dropping 12% below their peak.
The average home value now stands at £211,003 in England, £152,106 in Scotland and £143,182 in Wales.
Across Britain, the average house price is £201,911 compared to £247,505 in October 2007.
Zoopla said that the recent dip over the past 8 months could create buying opportunities if prices start to pick up in the second half of the year.
Nicholas Leeming, business development director of Zoopla said: “Whilst it has been a challenging period for the property market over the past few months, the recent dip in prices and the notable variance between regions may have created some interesting buying opportunities.
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“The first half of 2010 provided strong gains in market values but since last summer, economic uncertainty and lending constraints have eroded these gains and put downward pressure on house prices.”
The Zoopla figures also showed that property values in the North East are 24.39% below their October 2007 peak, a drop of £47,173, compared to London where prices are 8.36% below the peak levels, having fallen £34,527 since July 2009.