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Average Preston property value fell almost £25,000 in 5 years, according to online data

Posted on - 16th January, 2013 - 5:07pm | Author - | Posted in - Business, Housing

 

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With recent reports of house prices rising by an average 1.3% in December 2012 we thought it would be interesting to look at local property data.

House prices are unlikely to change much, if at all this year, mortgage lender Halifax reported.
According to them the average house price is £163,845 and the last quarters figures display a ‘firming in the housing market’. What is the situation like in and around Preston?

Blog Preston has previously reported on various websites that helped compare house prices, comment and rate different aspects of their local area.

What can be found is last year most property sales in Preston involved semi-detached properties which sold for on average £138,840. Terraced properties sold for an average price of £97,261, while detached properties fetched £210,994. Fulwood at an average house price of £163,542 seemed to be the most expensive place to live.

For a more detailed look we told you about London-based online property agents Zoopla. Their site contains a wealth of quite interesting facts and figures including a facinating ‘heat map’ tool that allows you to check the value of housing in your local area.

The last time we looked at the site according to Zoopla (the Zed-Index is the average property value in a given area based on current Zoopla Estimates), the average Preston home was valued at £161,362, which was a fall in value of £6,036 from the previous year.

Recent data shows the Preston Zed-index average house price now stands at just £159,234. That’s down 13.33% from 5 years ago (a value change of minus £24,488), although up 0.23% from last year. So there still seems to be a long way to go before we see a recovery back to 2006-07 property prices.

The housing market still appears buoyant though. Last time we reported that there are 2,459 properties for sale in Preston, and 394 to rent. Recent figures show 2,749 properties for sale and 832 up for rent.

Other interesting data shows the highest value street in Preston (ignoring Wrea Green) is Orchard St at £789,858 and the street with the highest turnover is Fairway in Penwortham, with a housing turnover of 66.7%.

The Zoopla website can ve found here: http://www.zoopla.co.uk/market/lancashire/preston/

If you are currently selling  or buying a property in Preston let us know your experiences in the comments below 

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