Mortgages
One in three homeowners see property value rise £50,000 in two years
Based on average house prices in April which stood at £266,000, the total value of UK homes has reached £10.1trn, according to Zoopla. This is a rise of 15%, or £1.3trn, since the start of the pandemic.
The average homeowner has also seen the value of their property rise by £48 per day over the same period.
The largest gains were seen by those with homes in the most affordable regions. Houses in Wales recorded a 22% increase in value since 2020, followed by the North West and South West with 20% growth.
London homeowners saw the lowest growth with a 7% uptick.
However, some homeowners have seen declines in the value of their properties with 5.7%, or 1.9 million homes, recording a drop.
Zoopla said decreases were mostly concentrated in inner London, where the pandemic impacted travel, working patterns and the demand for homes.
Andy Marshall, chief operating officer at Zoopla, said: “The impact of the pandemic on the value of housing across the UK cannot be underestimated, with one in three homeowners making over £50,000 on their property during the pandemic.
“This provides a clear opportunity for agents when it comes to nudging those high value homeowners to sell their properties – highlighting how their property has significantly increased in value over the course of the pandemic could be the final push they need to take the plunge and list their property for sale.”
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