House prices in Lancashire still on the rise

Owning a home continues to be a good investment
Owning a home continues to be a good investment
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House prices in the North West increased by 3.2 per cent over the past year to £190,645 on average.

That makes the region the second best performing area.

Across the UK, homes added £12 per day on average onto their value during 2019, according to a property website.

In some parts of Britain, property values have ballooned by an average of nearly £40 every day over the past year .

But in some other parts of the country homes saw around £20 per day knocked off their value typically.

The total value of Britain’s housing market increased by £124 billion across 2019 – an increase of 1.6 per cent – Zoopla said.

Britain’s housing market is now worth about £7.8 trillion, its analysis found.The increase equates to £4,702 being added onto the value of an average home over the past 12 months - or around £12 per day.

Across Britain, the average property value was estimated at £296,785.

In Wales, property values increased by nearly £20 per day on average. Over the past 12 months, property values have increased by 3.9 per cent to reach £189,244 typically.Port Talbot in South Wales was identified as 2019’s biggest hotspot for house price growth, with property values increasing by 7.5 per cent – nearly double the average across Wales.

Another part of Britain to see relatively strong house price growth is the North West, where values increased by 3.2 per cent over the past year to £190,645 on average.

Leigh near Wigan was identified as Britain’s third biggest property hotspot of 2019, with values increasing by 6.3 per cent to reach £127,148 on average.

Scotland has also seen faster house price growth than the average across Britain over the past year.The whole housing market in Scotland has seen values increase by 2.2 per cent to an average of £171,195.

Laura Howard, Zoopla consumer expert, said: “Affordability levels remain attractive in many areas outside of southern England.

“Rising employment and low mortgage rates have led to improving values in many regions.

“However, while Scotland has seen some of the biggest price growth, Aberdeen’s housing market continues to suffer from the fallout from the drop in oil prices and, as a result, saw Britain’s biggest decline.

“While all regions saw growth in 2019, over the past two years the housing market has been characterised by flat or falling prices in London and southern regions, where tax changes and stretched affordability have impacted demand for expensive properties.”

Here are the average property value increases by nation and region.

Figures show the current average house price, and the 2019 percentage change, according to Zoopla:

1. Wales, £189,244, 3.9%
2. North West England, £190,645, 3.2%
3. Yorkshire and the Humber, £168,486, 2.83%
4. West Midlands, £223,986, 2.82%
5. East Midlands, £217,420, 2.5%
6. Scotland, £171,195, 2.2%
7. North East England, £174,325, 2.1%
8. South West England, £308,189, 1.6%
9. London, £632,480, 1.1%
10. East of England, £360,961, 0.9%