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Nearly £27bn ‘wiped off value of Britain’s homes since start of 2018’

By Vicky Shaw, Press Association Personal Finance Correspondent
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Nearly £27bn ‘wiped off value of Britain’s homes since start of 2018’

The average home decreased in value by £5.12 per day during the first six months of 2018, Zoopla has found.

The total value of Britain’s property market has fallen by nearly £27 billion since the start of the year, analysis by a website has found.

Zoopla now puts the total value at £8.19 trillion – down by £26.9 billion since January 1.

It said the average home decreased in value by £5.12 per day during the first six months of 2018 – adding up to a fall of £927 per property.

While this will be bad news for some home-owners, for first-time buyers falling property prices in certain areas could potentially provide opportunities.

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 there 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.

Meanwhile, 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, followed by Yorkshire and the Humber with a 2.12% decrease and the East Midlands with a 1.22% fall.

On a more local level, Barrow-in-Furness in Cumbria, Holt in Norfolk and Pontypool in South Wales were identified as the areas with the strongest percentage growth in property values across the first half of 2018.

Reigate in Surrey, Lydney in Gloucestershire, and Sturminster Newton in Dorset saw the biggest falls in property values at a local level during the first half of the year, Zoopla said.

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. Nations and regions are ranked in order of percentage growth in values, from the biggest increases to the biggest falls:

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%









And here are the top 10 post towns with the biggest increases in property values since January, according to Zoopla, 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%








And here are the top 10 post towns with the biggest decreases in property values since January, according to Zoopla, 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%