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House prices 2016: You will never guess the areas where property value has INCREASED
11-30-2016
HOUSE prices around the UK have seen a general increase this year, and Middlesborough and Westminster are the only areas to see a drop in value.
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House prices 2016: The areas where property value has risen and fallen
Home services marketplace Plentific.com has released a 2016 Property Price Index, providing a look at how the UK’s housing prices have behaved over the last twelve months.
Aylesbury is top of the hot list for property in 2016 with prices int he area increasingly 21.5 per cent. The prices of new computer hotspots has risen significantly this year and it seems the London ripple effect has pushed past Watford, Hemel Hempstead and Tring and had a huge impact on this town in Buckinghamshire.
Ipswich is ranked 3rd in the list, which might come as a surprise to come. Prices are up by 19.59 per cent with nearby Norwich in 15th place, up 14.82 per cent.
The What’s Hot table is dominated by London and the South East, with just under half of the listed areas coming from our capital. Greenwich (19.91 per cent), Hammersmith (17.46 per cent) and Chelsea (18 per cent) lead the way in London with St Albans (17.28 per cent), Sutton (17.39 per cent), Reading (16.9 per cent) and Brentwood (19.43 per cent) joining Aylesbury for commuter areas surging in value
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Middlesbrough and Westminster are the only areas to see a drop in value
Wirral is the only northern area to make the top ten with a value increase of 16.58 per cent - average properties in this area will have increased by more than £32,000 this year alone. The next northern areas to make the lustre Chester (ranked 22nd) with a value increase of 13.58 per cent and Stockport (ranked 30th) with house prices rising by 12.77 per cent). The lack of northern regions in the upper section of the grid emphasises how the south has had more success with house prices this year.
There is however a distinct north/south divide in this Price Index. The table illustrates how the northern region is not thriving quite as well as the south. Nevertheless, almost every town and city in this area has still climbed in value, with the exception of one. It’s not good news for Middlesbrough homeowners with prices down 1.62 per cent during the past year.
Other northern areas to make the lower-list include Rotherham with a value increase of 3.48 per cent, Salford at 3.08 per cent and Bradford at 2.99 per cent.
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It’s not good news for Middlesbrough homeowners with prices down 1.62 per cent
Westminster is bottom of the list with a decrease in value of 3.67 per cent over the past year. Demand for property in prime Central London has seen a significant drop and Westminster finds itself at the core of this decline with almost a £50,000 average drop in price.
Hackney shows a varies of only 3.22 per cent this year, implying that the housing market has calmed down in this area since its surge in prices during the golden Olympic regeneration period.
London shows an overall positive increase in property value with a range of the capital’s regions making an appearance in the table, including some surprising mentions from the centre. hammersmith (17.46 per cent) and Chelsea (18 per cent) are particularly unexpected, especially so highly ranked on the table at 2nd and 3rd. However, despite these areas showing a noticeable rise in value the year, these homes will not be the easiest to sell thanks to the nerves surrounding London’s property ladder.
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Westminster Is bottom of the list with a decrease in value of 3.67 per centProperties in Sutton (ranked 4th in London) increased by 17.39 per cent, while house prices in Richmond Upon Thames (ranked 5th in London) rose by 16.28 per cent. However, Chelsea proved to have the best increase in price, with properties rising £330,467 on average.
Greenwich takes first place in London, however, for the highest percentage rise in value with housing prices increasingly a fifth (19.91 per cent). Our research also shows that the average property in Greenwich will have increased by more than £100,000 over the past year, making it a lucrative area for investors.
Spokesperson for Plentific, Stephen Jury, said: “Our report shows the winners and losers in property this year. More importantly, it gives valuable insight to those wanting to get not the property ladder or invest in property in areas with good potential for price increases.
“We have found a fifth of homeowners carry out home improvements to increase the value of their property. Buying and renovating a fixer-upper in the right area will increase the value significantly, so this is worth considering when hunting for property.”