Some homes see value rise by 50% after pandemic

FOUR per cent of East Midlands homes have risen by at least 50 per cent in value since the coronavirus pandemic, according to estimates by Zoopla.

- By TELEGRAPH REPORTER

The property website said house values have increased by a fifth (20%) on average across the UK since 2020.

Many of the homes that have seen their value increase by 50% or more in the past five years are located in northern England and Wales, the website said.

Pandemic and lifestyle-led changes in buyer requirements have prompted interest in previously overlooked areas that offer good value for money, it added.

In addition, rental price hikes in cities have encouraged first-time buyers to purchase in more affordable areas where buying can be a cheaper alternative, Zoopla said.

In the East Midlands, four per cent of homes saw average value gains of 50 per cent or more in the past five years, with an average increase of £114,300.