Property: More than 4.6 million houses have increased in value by more than £30,000 – how does yours compare?
THE PRICE OF PROPERTIES IN THE UK HAS INCREASED THIS YEAR as the market has grown across the country. According to new data, the value of over 4.6 million homes in the UK has increased by more than the average yearly salary in the last year. So, which areas have witnessed the biggest development?
Over the last year, the value of more than a fifth of all homes in the UK has climbed by more than £30,500, the average annual UK salary. According to Zoopla, there are 4,635,000 private properties in the United Kingdom that could be earning more than their owners. Zoopla analyzed 29 automated house valuations between June 25 and June 25, 2021, and rounded the findings to the closest £1,000 for property values and 1,000 for the number of residences.
So, which areas have seen the most improvement?
According to Zoopla, homes in the southwest are more likely to make more than the average salary.
The average regional wage is £29,000, therefore a stunning 29% of properties in the region have increased in value.
The second largest earners are homes in the southeast, with 28% of houses increasing in value by more than the average area salary (£32,900) in the last year.
Surprisingly, London came in third on the list, owing to greater salaries on average.
However, just under a quarter of properties in the capital increased in value by more than the average London salary of £37,300.
Homes in the north and Midlands increase less than homes in the south, however due to lower house prices and the recent surge in price growth, these regions and the recent surge in price growth are increasing faster than local earnings.
One in every five homes in the northwest, one in every ten homes in the East Midlands, one in every ten homes in the northeast, and one in every fourteen homes in the West Midlands have seen their property values rise faster than the average area salary.
In Scotland, 9% of people are unemployed, but in Wales, 22% are unemployed.
On a more local level, Hastings has had the most percentage gain in property value when compared to average local salaries over the past year.
The average wage in the area is £25,800, and the average house value is £285,000.
The value of 62 percent of residences (18,000) has increased more than the national average. “Brinkwire News in Condensed Form.”