Wigan crowned the surprise winner for house price gains last year as values jump 5.6%
Forget the bright lights and glitz of the capital, Wigan was the surprise property hotspot of the last year, according to new research.
The northern industrial town claimed top spot in Zoopla.co.uk’s house price league of the UK’s major towns and cities, with prices rising 5.62 per cent last year.
Famous for pies, rugby league and Wigan Pier, the Lancashire town, now officially in Greater Manchester, saw the average property price increase by over 7,000 in 2011.
Property winner: Houses in Wigan saw prices grow by almost 6% in 2011
But despite the jump, house prices in the area are still the cheapest in the top ten best performing towns and cities in the UK over the last 12 months. The average value of a property in Wigan now sits at 132,517.
This makes property in the town cheap compared to other areas in the local vicinity. According to the data, the average house price in the North West, where Wigan is situated, is 155,386.
However, the average house in the region fell -3.21 per cent, losing 5,151 in value, so Wigan has fared extremely well in comparison.
Other strong performers last year include Aberdeen, in Scotland, which saw house prices increase by 4.3 per cent, or 8,636, and Ipswich in Suffolk, where values jumped 3.84 per cent, or 6,866.
These areas all outperformed London percentage wise. The average home in the capital is now worth 416,890, up 2.28 per cent on a year ago.
However, prices were still up 9,283 on average, making London the best performing town or city in the UK last year in terms of a value increase. And the figures do not break the capital down into prime and popular vs less loved boroughs, with the former having seen larger gains over the year.
You would be able to purchase three homes in Wigan – and have change to spare – for the price of the average London home, as the capital continues to become further disjointed in terms of property prices compared to the rest of the UK.
Newcastle props up the property league
At the other end of spectrum, property in Newcastle Upon Tyne received the unwanted crown of losing the most value, both in terms of a percentage figure and price.
The average home in the city saw values plummet last year. Prices were down -5.51 per cent, as 9,650 was wiped off of the average Geordie home.
Nicholas Leeming, of Zoopla.co.uk, said: 'National statistics on the housing market can mask differing fortunes in different parts of the country.
'Londoners continue to see the market go from strength to strength with high demand for a limited number of properties boosting house prices.
'However, for areas such as the North East where the local economy has suffered more than most, it’s a different story.
'2012 does not show much sign of being markedly different to 2011, however, if the overall economy starts to show signs of strength this will filter quickly through to the property market.'
BEST PERFORMING TOWNS AND CITIES IN THE UK IN 2011 FOR PROPERTY PRICES
Location
Average today
Average 12 months ago
change
% change
Wigan
132,517
125,460
7,057
5.62%
Aberdeen
209,706
210,070
8,636
4.30%
Ipswich
185,508
178,642
6,866
3.84%
Cardiff
188,955
182,547
6,408
3.51%
Edinburgh
227,516
220,515
7,001
3.17%
Dundee
148,315
144,469
3,846
2.66%
Plymouth
166,887
162,595
4,292
2.64%
York
220,595
215,352
5,243
2.43%
Bournemouth
224,315
219,073
5,242
2.39%
Cambridge
308,914
302,848
6,066
2.00%
WORST PERFORMING TOWN AND CITIES IN THE UK IN 2011 FOR PROPERTY PRICES
Location
Average today
Average 12 months ago
change
% change
Newcastle Upon Tyne
165,605
177,255
-9,650
-5.51%
Leicester
166,075
174,092
-8,017
-4.61%
Bolton
130,506
135,945
-5,439
-4.00%
Lincoln
152,348
158,109
-5,761
-3.64%
Liverpool
136,868
141,854
-4,986
-3.51%
Wolverhampton
151,548
156,450
-4,902
-3.13%
Northampton
176,172
181,789
-5,617
-3.09%
Rotherham
122,183
125,871
-3,688
-2.93%
Warrington
173,593
177,481
-3,888
-2.19%
Manchester
138,416
141,185
-2,769
-1.96%
Scotland the winner regionally, as prices soar 10%
Looking at the bigger picture, the average property in the UK was worth 221,331, down just 854, or -0.38 per cent at the end of 2011, compared to the same time a year ago, the Zoopla survey also found.
Regionally, the surprise winner last year was houses in Scotland, as the average property recorded an average increase of 6.73 per cent, or 10,396.
This is substantially higher than the next nearest region, London (2.28 per cent) and the East of England (0.89 per cent) – and only four regions recorded increases compared to seven who had falls.
The North East and the North West performed badly last year, with prices falling -5.77 per cent and -3.21 per cent respectively.
On average, houses in England recorded a -0.75 per cent decrease last year, while the average property in Wales remained fairly level, with prices falling -0.11 per cent.
AVERAGE PROPERTY VALUES IN BRTAIN BY REGION
Region
Average today
Average a year ago
change
% change
Scotland
164,844
154,448
10,396
6.73%
London
416,890
407,607
9,283
2.28%
East
236,522
234,448
2,074
0.89%
South East
283,522
283,611
191
0.07%
Wales
153,826
153,998
-172
-0.11%
South West
226,525
229,571
-3,046
-1.33%
East Midlands
160,663
165,662
-4,999
-3.02%
West Midlands
171,236
176,597
-5,361
-3.04%
Yorkshire and the Humber
143,249
147,871
-4,622
-3.13%
North West
155,286
160,537
-5,151
-3.21%
North East
156,659
166,255
-9,596
-5.77%