Zoopla estimated that around one in five (21%) properties held their value last year with no significant change
Despite a challenging property market, around one in 10 homes across Britain saw their value increase by 5% or more last year, according to a website.
Zoopla estimated that despite high mortgage rates and the continued pressure on living costs, around one in five (21%) properties held their value last year, with no significant change. A further 25% of homes are thought to have gained between 1% to 5% in value last year, while 10% gained 5% or more.
Nearly a third (31%) are estimated to have lost between 1% and 5% of their value, while one in seven (13%) lost 5% or more. Homeowners who saw their property increase in value in 2023 had an average rise of £7,800 or around £21 per day, according to Zoopla.
Rossendale in the North West topped the list, with 44.2% of properties increasing in value by 5% or more in 2023. It was closely followed by Blackburn with Darwen (34.5% of properties) and Telford and Wrekin in the West Midlands (32.6%).
Dover in the South East saw the highest concentration of homes decreasing in value by 5% or more (52.4%), with Hastings in the South East (50.7%) and Aberdeen City in Scotland (45.1%) also recording significant losses. The calculations were made by comparing value estimates for UK homes in December 2022 to those in December 2023.
England’s North West had the highest proportion of homes registering larger value increases of 5% or more, at 17%. It was closely followed by Scotland, with 16% of homes there seeing value increases of 5% or more in 2023.
Zoopla expects house prices to fall by 2% in 2024 across the UK. Izabella Lubowiecka, a senior property researcher at Zoopla, said: “While national house prices indices pointed to modest house price falls over 2023, our property-by-property level tracking of home values shows that most homes saw their value unchanged or slightly higher over the year. Value reductions were focused in southern England while modest gains were recorded in lower priced, more affordable housing markets.”
Here are the local authority areas across Britain with the highest concentrations of homes increasing in value by 5% or more in 2023, according to Zoopla, with the percentages of homes which recorded gains of this size:
1. Rossendale, North West, 44.2%
2. Blackburn with Darwen, North West, 34.5%
3. Telford and Wrekin, West Midlands, 32.6%
=4. Merthyr Tydfil, Wales, 32.3%
=4. Burnley, North West, 32.3%
6. Bolton, North West, 31.1%
7. Inverclyde, Scotland, 30.0%
8. Glasgow City, Scotland, 29.7%
9. Carlisle, North West, 28.9%
10. Knowsley, North West, 27.9%
And here are the areas with the highest concentration of homes with value loss of 5% or more, according to Zoopla, with the percentages of homes which recorded losses of this size:
1. Dover, South East, 52.4%
2. Hastings, South East, 50.7%
3. Aberdeen City, Scotland, 45.1%
4. Canterbury, South East, 43.4%
5. Thanet, South East, 40.9%
6. Rother, South East, 38.6%
7. Folkestone & Hythe, South East, 35.8%
8. Tendring, Eastern England, 35.3%
9. Moray, Scotland, 32.1%
10. South Holland, East Midlands, 31.5%
