Did your home increase by £19k in 2022?

According to Zoopla, homeowners saw the value of their property increase by an average of £19k in 2022.

Despite the fact that the UK’s housing market saw a more unstable end to the year, Zoopla has revealed that 92% of homeowners saw their property increase in value in 2022 by an average of £19,000.

Zoopla says that its research has shown “a clear shift in momentum over 2022”, and whilst the average increase was £19,000, nearly three million homeowners saw increases of more than £50,000.

However, not all homeowners saw the value of their homes increase over 2022, with some 2.3 million homes registering a fall in value, with an average loss of £7,300 (2.7%).

It was homeowners in London who accounted for the largest number of losses; with an average of 26% of homes registering a decline last year.

Research also found that last year the total value of the UK housing stock breached the £10tn mark early in 2022 and reached £10.5tn by the end of the year.  The actual increase was circa £700bn over the year.

It was London homeowners who saw the largest number of reductions in home values followed by the South East.  The average reduction between June and December amounted to £8,400 in London and £5,200 in the South East.

However, in both London & the South East, more homes increased in value than fell illustrating that the value of homes is highly localised.