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Home Value 2023 ‘Winners’ Largely Based in North West According to Zoopla

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    1 in 10 Homes Increased in Value by 5% or More Last Year

    The 2023 UK property market performed much better than predicted, and a recent report from Zoopla details which regions won out over the year regarding capital value appreciation.

    Zoopla’s report showed that 56% of UK homes rose in value or stayed the same in 2023. Proving the UK housing market’s stability, most homes (77%) remained in the plus or minus 5% range despite gloomy forecasts for the year.

    The market was generally stable, but Zoopla has further divided UK areas into the main ‘winners’ and ‘losers’ of 2023 based on capital value appreciation. The winners are the regions where the most homes gained 5% or more in value during 2023.

    On average, one in ten homeowners gained 5% or more in value, £17,200. On the other hand, just over 13% of homeowners experienced a decrease of 5% plus £13,200 on average.

    Further Reading: Learn more about the UK property market with our buy-to-let guide or how to invest in Birmingham property.

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      Which Regions Were the 2023 Winners?

      The 2023 winners are primarily boroughs of the North West.

      In the North West, 17% of homes – about half a million – gained more than 5% in value. The average value increase in this region was £13,200.

      The borough of Rossendale, North West, topped the table, with a sizable 44.2% of homes gaining 5% and over in value.

      This was followed by Blackburn with Darwen, also located in the North West, where 34.5% of homes gained over 5% in property value.

      Further down the top 10, Bolton (31.1%) and Burnley (32.3%) come in, with over 30% of homeowners gaining over 5%. These affordable areas show the increasing popularity of commuter towns and Greater Manchester with rising property prices, even during a subdued property market.

      Carlisle (28.9%) and Knowsley (27.9%) also represent the North West in the table, meaning that an impressive six of the top ten are based in this region.

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      Which Regions Were the 2023 Losers?

      The property market performed much better than expected last year, but not every region will inevitably fare as well as hoped. According to Zoopla, those in the South East were most likely to lose out last year. In this region, 18% of homeowners experienced a drop in value of 5% or more. On average, this loss was £13,200 over the year.

      Dover and Hastings topped the table with a worrying figure of over 50% of homes that lost 5% or more in value.

      Zoopla’s analysis is that this is due to increased demand for rural and coastal areas within commuting distance of large cities during the pandemic. This demand has now cooled, and home values are adjusting back accordingly.

      Read More: Wondering ‘Is a buy-to-let a good investment?‘ Discover the best buy-to-let areas in the UK with our updated investment guides!

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        Which Regions Will Be the Winners and Losers of 2024?

        Zoopla forecasts that the market in 2024 won’t be too dissimilar to last year’s, with differing results depending on region and property type.

        Savills’ Residential Property Market Forecast give a breakdown of capital value projections by UK areas, and the predictions show a clear regional divide in the next few years. Northern regions are expected to deliver more resilience in the coming year and more robust growth from 2025 onwards compared to the South.

        Learn More: Take a look at some of our property area guides covering topics like buy-to-let property in Dagenham and Cheltenham investment properties.

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        Author

        Jessica Ferris

        Jessica is a property content writer at RWinvest. Keeping a close eye on the UK property market, Jessica helps our readers stay informed and up to date on the latest market news and statistics.

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