Homeowners in the North and the Midlands are more likely to have seen price increases in the past six months, when compared to other regions, according to the latest housing data from Zoopla.

Its data shows a challenging picture for the housing market, with 38% of homes seeing price falls in the last six month. However it also shows 32% of homeowners have enjoyed a modest price increase over this period, despite rising rates, a slowdown in house sales and a cost-of-living crisis. A further 30% of homeowners have seen prices remain flat. 

In total almost 9.2m homes increased in value over this six month period to May. Zoopla’s figures show that of the 10 postcode areas with the highest proportion of homes going up in value, four are located in Yorkshire and Humber. These include Halifax, Wakefield, Huddersfield and Bradford. Only one postcode in this top 10 list  is located in the South — Dorchester in Dorset. 

Other postcode areas with more resilient housing markets include Derby, Wolverhampton, Chester, Galashiels in Scotland, and Hereford and Carlisle. More than 50 per cent of properties in these postcode areas have seen price increases over the past six months.

In contrast, the postcodes with the highest concentration of homes falling in value were primarily in coastal locations in the south of England. Many of these regions saw prices pushed upwards post Covid, as people looked to relocate amid a working-from-home boom. 

Postcodes worst hit by price falls include Brighton, Southend-on-Sea, Torquay and Truro. The area with the highest proportion of homes falling in value is Colchester, followed by Canterbury, Kilmarnock and Norwich – all of which have around two thirds of properties recording price falls.

The Zoopla figures are further evidence of a housing market slump across the UK. Zoopla’s figures show that over the 12 months to May, 66% of homes in the UK increased in value by at least 1%, with 18% falling in value (again by at least 1%). 

Over the six months to May though this picture changed, with just 32% of homes increasing in value and a far larger proportion (38%) falling in value.

However Zoopla says this picture appears to be stabilising at present, with figures for the three months to May showing 36% of homes increasing in value, and 26% falling. The remaining 38% of homes saw no change in valuation.

Zoopla says that over the past 12 months to May, homes that have increased in value have done so by an average of £7,000, equivalent to £19 a day. 

However it calculates that the 11.1m homes that have fallen in value over the past six months have seen an average of £7,700 wiped off their valuation.

Despite these price falls, Zoopla estimates that the value of homes in the UK was worth £10.7 trillion in May, with the London market alone worth £2.5 trillion. This, it estimates, is equivalent to the value of housing in the Midlands, Scotland, Wales and Northern Ireland combined.

Zoopla executive director Richard Donnell says: “While the headlines report that UK house prices have been falling, our analysis finds that there is more of an even split between homes with price gains and price falls over the last 6 months when looking at trends on a property level.

“The value a homeowner can get for their home unlocks the options for their next move, or impacts how good a rate they might get when they remortgage.” He adds homeowners were increasingly tracking values on a monthly basis to better understand values and ensure they make the right financial decisions around financing.