The total value of Britain’s residential housing stock rose to £6.2 trillion in Q2, an increase of £156 billion for the quarter.
The figures released by property search website Zoopla.co.uk found that the average property value increased 2.56 per cent in Q2 to £235,912.
All eleven regions in Britain saw their average property value increase by at least 2 per cent over Q2, highlighting the strong performance of property values nationwide rather than just in London and the South East. It is the first time since the 2008 downturn that every region in the UK has seen at least a 2 per cent rise in its average property value over a single quarter.
The biggest increase in values was seen in the East Midlands, where they rose by 2.78 per cent (£4,495). Yorkshire and the Humber was the second best performing region, with the average property values also rising 2.78 per cent (£3,933) during Q2.
Wales was the third with a rise of 2.72 per cent (£4,155). All three of those regions saw bigger rises than London (2.71 per cent). And seven out of eleven regions saw a bigger rise than the South East (2.62 per cent), suggesting the market in the South East isn’t pulling away from the national market as quickly as it has been.
Lawrence Hall of Zoopla.co.uk said, “The housing market is at its strongest since the Lehman Brothers collapse. Confidence is beginning to return to the market, with both lenders and buyers seemingly more convinced that the worst of the economic crisis is behind us.
“Mortgage lending has improved markedly this year, which is unclogging the bottleneck at the lowest end of the market. This is starting to drive activity all the way up the housing chain and house prices have increased as a result, and for once not just in the South East. The East Midlands, Wales, and Yorkshire have all have seen prices increase more than London during the second quarter.”
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