How much is Britain's property market worth after 2012?
According to Zoopla, the total value of all the homes in Britain grew a massive £57 billion during 2012 which takes the combined value of all of Britain’s homes is £5.963 trillion pounds at the end of 2012. This is a rise of 0.97% from £5.906 trillion at the end of 2011 and the outlook is looking bright for 2013.
The current value of the property market is at the same level it was at 2009. Property values were much better in England than in Scotland or Wales during 2012 because the over all residential property market value fell £1.2 billion in Scotland and £6.6 billion in Wales.
A huge two thirds of the largest 250 urban areas in Britain experienced property value increases in 2012 and among the 20 largest cities the biggest gainers in 2012 was London with an increased value of £42.5 billion followed by Bristol where values increased by £2.3 billion then Edinburgh by £922 million.
However, the cities that lost the most value in 2012 were Sheffield where properties devalued £286 million, Doncaster by £160 million and Stoke on Trent which lost £149 million. However, despite the property values lowering in Scotland and Wales during in 2012, they have actually out performed England over the last 10 years. Scotland has experienced an 84% growth of £183 billion and Wales has enjoyed a 57% growth of £74 billion over the last decade where England has only experienced a rise of 43% worth £1.6 trillion.
The total value of property has rose £1.9 trillion in the last 10 years which is a 46% increase. More good news from 2012 is that lending increased 11% to first time buyers according to e.surv charted surveyors. There were 63,896 house purchase loans granted to buyers with small deposits last year which is up 11% compared to 2011 where 57,691 small loans in 2011. 2012 has been the best year for high loan to value lending since 2007.
2012 was also the strongest year for house purchase lending in general since the financial crisis with the amount of loans rising above 600,000 for the first time since 2007. Also, purchase approvals went up to 607,058 from 590,425 which is a 3% rise.
House prices have also risen at the highest rate in seven months and two thirds of the 2,400 homeowners surveyed by Zoopla predict that house prices will also continue to rise in the first half of this year. However, 19% of homeowners believe that house prices are going to fall in the next 6 months. Homeowners in London were the most optimistic when asked if they think house prices will rise and 84% agreed however, those living in Yorkshire and the Humber region were the least confident and only 51% of them predicted house prices will rise.
This highlights the sharp regional variation that continues to separate the country. London and the South East of England recorded 5% and 3% property value increases where the North East of England experienced their values fall 2.4% and Northern Irelands house prices dropped 8.5%.
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