‘Weak rise’ in house values

Cost: Homes for sale
Cost: Homes for sale
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Homes typically piled £42 a day on to their value throughout 2014 as Britain’s housing market recovery gathered momentum, research from a property website has revealed.

But Preston is one of the weakest performing areas, according to Zoopla.

Nationally, the average property price increased by £15,191 over the last year to reach £268,895 .

In Preston, the average price is now £170,958, a rise of just £3,862 or 2.3 per cent.

Property values have typically leapt by £81,619 in London, by £27,675 in Edinburgh and by £21,689 in Aberdeen.

For the second year in a row, Yorkshire and the Humber is the only region where house prices have fallen annually, recording an average decrease of £2,443.

At the start of 2014, a wave of pent-up demand from house hunters was unleashed into the property market, following the full launch of the Government’s flagship Help to Buy mortgage support scheme.

By mid-2014, there were signs that demand was starting to cool, as speculation mounted over exactly when the Bank of England might start to increase the base rate from its historic 0.5 per cent low, a move which would spell increased mortgage costs.

Stricter mortgage lending rules were also introduced in April.

But in recent weeks there have been predictions that housing market activity could pick up again in the New Year, following the complete overhaul of stamp duty which was unveiled in the Autumn Statement.

Zoopla spokesman Lawrence Hall said: “More regions this year saw property prices increase compared with last year, indicating that the property market recovery continues.”