Thinking of buying or selling property in the New Year?
Caz Blake-Symes • January 8, 2020
Zoopla reviews how the housing market performed during 2019.
Adapted from a Zoopla article by Nicky Burridge
The collective value of homes in Great Britain increased by £124 billion in 2019, pushing total housing wealth up to an inconceivable £7.8 trillion. The typical house saw its price rise by £4,702 during the year – the equivalent of a gain of £12 a day, according to our latest property data.
Wales was the best performing region, with house prices rising by 3.9%. That's more than double the 1.6% average rate for Great Britain as a whole. At the other end of the scale, property values edged ahead by just 0.6% in South East England in 2019.
Laura Howard, Zoopla consumer expert, said: “Our latest analysis highlights there is no single UK housing market and trends vary across and within local housing markets driven by local economic factors. Estate agents have their finger on the pulse on the latest trends in supply and demand and are a great source of knowing what is happening in their market.”
Which regions performed best?
Wales not only saw the strongest growth in percentage terms, but also in absolute ones, with the typical home in the region seeing its value increase by £7,154 or £19.60 per day in 2019. The North West of England saw the second biggest percentage gain of 3.2%, followed by Yorkshire and the Humber, with house prices rising by 2.83%.
The average cost of a home in all three regions is below £200,000, highlighting the importance of affordability in driving house price gains in 2019.
Where was growth slowest?
Homes in the South East of England saw the slowest growth in 2019, with average prices rising by juts 0.6% or £2,393. Gains were also subdued in the East of England, where property values rose by just 0.9% or £3,076. The London market recovered slightly during the year, with house prices in the capital increasing by 1.1% or £6,939 – the second biggest gain in monetary terms for all regions.
The three regions that saw the slowest growth are also the three most expensive regions for house prices, reflecting how affordability constraints have acted as a break on the market.
What about individual towns?
Port Talbot on the Welsh coast was the town with the best performing housing market in 2019, with prices rising by 7.5% – nearly double the rate for Wales as a whole – adding an average of £23.22 a day to property values, which ended the year at £122,074. Cwmbran, also in Wales, was the second best performing town with gains of 6.9% leaving the average home costing £168,212. Leigh in Greater Manchester was in third place with a rise of 6.3%, with Cannock in Staffordshire and Edinburgh completing the top five with price increases of 5.4% and 5.2% respectively.
Property performed less well in Aberdeen, where the market continues to be impacted by the low oil price, with house prices falling by 3.9% during the year.
Falls of 1.8% were also recorded in Witney in Oxfordshire, while in Woking in Surrey, property values declined by 1.4%.
Top 3 takeaways
• The collective value of homes in Great Britain increased by £124 billion in 2019, pushing the
• The typical house saw its price rise by £4,702 during the year – the equivalent of a gain of £12 a day
• Wales was the best performing region, with house prices rising by 3.9%, more than double the rate recorded for the UK as a whole of 1.6%
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Adapted from Zoopla’s April 2025 Housing report I mage: The analysis uses average house prices from the house price index and for first-time buyers to assess mortgage payments at different mortgage rates applied to a 30- year mortgage, at different loan-to-values. One emerging trend that we expect to positively support market activity in the coming months is a relaxation in how lenders assess the affordability of new mortgages. While buyers focus on the mortgage rate they will pay, lenders also check whether the borrower can afford a 'stressed mortgage rate' at a higher level than the borrower will pay. While the average 5-year fixed rate mortgage is around 4.5% today, many lenders are currently 'stress testing' affordability at 8-9%. This makes it harder to secure a mortgage without a large deposit. If average mortgage stress rates were to return to pre-2022 levels of 6.5% to 7%, this would deliver a 15-20% boost to buying power. An average first-time buyer with mortgage repayments of £1,020pcm at a 4.5% mortgage rate would typically have to prove they could afford monthly repayments of £1,550pcm at an 8.5% stress rate. If the stress testing is relaxed to 6.5%, repayments would fall to £1,275pcm, boosting buying power. It's a similar pattern for the average homeowner, while the actual impact will vary by lender and type of borrower. This change would consequently supporting demand and sales volumes, helping to clear the stock of homes for sale, rather than boosting house prices. Other existing rules and regulations that remain in place will continue to impact the availability of mortgage finance. Comment from Phil Clark “This is potentially very exciting news and will give borrowers a greater choice of products if these rules are relaxed. Regardless of whether you are a First-time Buyer, Looking to move, remortgage or invest in property, there are a huge range of competitive mortgage deals on the market. I will be delighted to discuss your specific requirements and offer you the most suitable deal!” Please call Phil on 0117 3251511 or email info@swmortgages.com For more information about the Mortgage and Protection products we offer, please visit www.bristolmortgagesonline.com Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.
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Adapted from BBC Article by Kevin Peachey, Cost of living correspondent 13 February 2025 Two major lenders launched mortgage deals on Thursday with interest rates of less than 4%, as competition picks up in the sector. The prospect of further cuts in the base rate by the Bank of England has given mortgage providers confidence to reduce their own rates. But the attention-grabbing sub-4% deals by Santander and Barclays will not be available to all borrowers, particularly first-time buyers, and may come with a hefty fee. The return of such deals might prompt other lenders to follow suit after a period of tepid competition. Nationwide, the UK's biggest building society, has said it will reduce some of its rates on Friday. Mortgage deals with interest rates below 4% have not been seen since November. Across the whole market the average rate on a two-year fixed deal is 5.48%. The typical rate on five-year deals is 5.29%, according to latest figures from Moneyfacts. Time to decide Some tracker and variable rate mortgages move fairly closely in line with the Bank's base rate, which was cut to 4.5% a week ago. However, more than eight in 10 mortgage customers have fixed-rate deals. The interest rate on this kind of mortgage does not change until the deal expires, usually after two or five years, and a new one is chosen to replace it. About 800,000 fixed-rate mortgages, currently with an interest rate of 3% or below, are expected to expire every year, on average, until the end of 2027. That means a higher monthly bill for many homeowners on their next renewal, but there are signs that the rate they could pay is on its way down. Bank of England governor Andrew Bailey said the interest-rate setting committee expected to be able to cut rates further "but we will have to judge meeting by meeting, how far and how fast". This will affect savers who are seeing lower returns, but could bring better news for borrowers. The Bank's next rates decision is on 20 March. Message from Phil Clark “Regardless of whether you are a First-time Buyer, Looking to move, remortgage or invest in property, there are a huge range of competitive mortgage deals on the market. I will be delighted to discuss your specific requirements and offer you the most suitable deal!” Please call Phil on 0117 3251511 or email info@swmortgages.com For more information about Mortgage and Protection please visit www.bristolmortgagesonline.com