Post-viral property booster

Value of 1m UK homes 'has increased by at least half since pandemic'

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Around one million UK homes have risen by at least 50% in value since the coronavirus pandemic, according to estimates by Zoopla.

The property website said house values have increased by a fifth (20%) on average 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.

The website highlighted some hotspots that have emerged in Wales and northern England.

It said South Wales presents a “compelling picture,” with buyers able to find good value and be within commuting distance to Cardiff.

Areas such as Blaenau Gwent and Merthyr Tydfil have seen three-in-10 homes increase in value by 50% or more over the past five years, Zoopla said.