British property market worth £8.29 trillion at the end of 2017... up 3.5% since January, despite market uncertainty
28th December 2017
- British residential property market now worth £8.29 trillion – up £280 billion since January
- The growth equates to a daily increase of £28 for the average property
- Scotland was the fastest growing region, with values rising 8.44 per cent in 2017
- Clevedon, Ashbourne and Tewkesbury are top towns for property price growth
The British residential property market is now valued at a total of £8.29 trillion, marking a rise of 3.5 per cent (£280 billion) since the start of the year, according to new data from property website Zoopla. This rise equates to an increase in value of £9,652 for the average British home over the course of 2017, with each property going up by £28 per day.
Zoopla analysed values data to reveal how the British property market has performed in 2017 and found that property prices in Scotland have increased the most over the past 12 months, rising by 8.44 per cent to an average of £191,915. This is followed by England where values have increased by 3.21 per cent to an average of £328,380. In Wales, the average home is now worth £185,378 – up 2.94 per cent since the start of the year.
Regionally, properties in the East Midlands have seen the second highest growth rate after Scotland, rising in value by 5.82 per cent since January. This is followed by the West Midlands where the average home is now valued at £227,016 up by 5.75 per cent. At the other end of the scale, values have declined by 0.35 per cent in the North East of England, while prices in London and the South East of England have slowed in growth, rising by just 0.73 per cent and 2.21 per cent respectively over the past 12 months.
At a local level, the seaside resort of Clevedon in North Somerset was 2017’s biggest winner, in property value terms, with an impressive double-digit growth rate of 11.6 per cent taking the average home to £334,245. The market town of Ashbourne in Derbyshire, comes in a narrow second place, with properties rising by 11.59 per cent to reach an average of £354,815. The riverside town of Tewkesbury in Gloucestershire places third, with values increasing by 11.38 per cent since the start of the year, bringing the average price to £299,543.
In contrast, Leigh in Greater Manchester comes in at the bottom of the table in property value growth terms; prices in the historic town have fallen by an average of 4.61 per cent (£6,001) to £124,134. Walton-on-Thames in Surrey is not far behind with values declining by 3.32 per cent (£21,659) to £630,468, and Houghton Le Spring in County Durham is third from bottom after experiencing an average decrease of 3.21 per cent (£4,631), taking the average property value down to £139,714.
The data also revealed Brits’ property-related search trends in 2017. According to Zoopla keyword search figures, securing space for a car is high on the agenda for house-hunters. ‘Garage’ was the most popular term, and ‘Parking’ rose in the rankings from fourth to second place when compared to this time last year. And for the first time, ‘Freehold’ has entered the top 10 most popular search terms, checking in at number 10.
Lawrence Hall, spokesperson for Zoopla comments: “2017 has been an unpredictable and varied year for the British property market, with continued uncertainty surrounding Brexit, the triggering of Article 50 in March and a hard-fought general election in June. However, the value of housing has proved its resilience in the face of political ambiguity, finishing the year with a solid 3.5 per cent rise – though down year-on-year from the 7.25 per cent growth rate seen in 2016.
“Though good news for homeowners, this continued growth does pose ongoing affordability challenges to those trying to get their foot on the first rung of the property ladder. Recent Stamp Duty reforms may go some way to help, but there’s more to be done in 2018 to improve the picture for first time buyers.”
Average property value increase by country
|
Ranking |
Country |
Current average value |
% increase in value since January 2017 |
|
1 |
Scotland |
£191,915 |
8.44% |
|
2 |
England |
£328,380 |
3.21% |
|
3 |
Wales |
£185,378 |
2.94% |
Average property value increase by region
|
Ranking |
Region |
Current average value |
% increase in value since January 2017 |
|
1 |
Scotland |
£191,915 |
8.44% |
|
2 |
East Midlands |
£216,302 |
5.82% |
|
3 |
West Midlands |
£227,016 |
5.75% |
|
4 |
East of England |
£360,918 |
4.42% |
|
5 |
Yorkshire and The Humber |
£176,350 |
3.82% |
|
6 |
South West England |
£303,715 |
3.46% |
|
7 |
North West England |
£193,821 |
2.98% |
|
8 |
Wales |
£185,378 |
2.94% |
|
9 |
South East England |
£416,084 |
2.21% |
|
10 |
London |
£674,589 |
0.73% |
|
11 |
North East England |
£188,330 |
-0.35% |
Top 10 towns for property price growth
|
Ranking |
Town |
Current average value |
% increase in value since January 2017 |
|
1 |
CLEVEDON, North Somerset |
£334,245 |
11.60% |
|
2 |
ASHBOURNE, Derbyshire |
£354,815 |
11.59% |
|
3 |
TEWKESBURY, Gloucestershire |
£299,543 |
11.38% |
|
4 |
WHITSTABLE, Kent |
£386,051 |
11.17% |
|
5 |
ILKLEY, West Yorkshire |
£404,994 |
11.09% |
|
6 |
KINGSTON UPON THAMES, London |
£742,775 |
10.95% |
|
7 |
MARKET DRAYTON, Shropshire |
£257,270 |
10.20% |
|
8 |
BELPER, Derbyshire |
£252,080 |
10.04% |
|
9 |
SUDBURY, Suffolk |
£327,835 |
9.83% |
|
10 |
LETCHWORTH GARDEN CITY, Hertfordshire |
£390,384 |
9.79% |
Bottom 10 towns for property price growth
|
Ranking |
Town |
Current average value |
% increase in value since January 2017 |
|
1 |
LEIGH, Greater Manchester |
£124,134 |
-4.61% |
|
2 |
WALTON-ON-THAMES, Surrey |
£630,468 |
-3.32% |
|
3 |
HOUGHTON LE SPRING, County Durham |
£139,714 |
-3.21% |
|
4 |
ABERDARE, Rhondda Cynon Taff |
£113,975 |
-3.19% |
|
5 |
DAVENTRY, Northamptonshire |
£258,016 |
-3.11% |
|
6 |
SOUTH SHIELDS, Tyne & Wear |
£133,730 |
-2.97% |
|
7 |
BRENTFORD, London |
£512,814 |
-2.93% |
|
8 |
BURTON-ON-TRENT, Staffordshire |
£206,843 |
-2.85% |
|
9 |
CAMBORNE, Cornwall |
£184,141 |
-2.69% |
|
10 |
MORPETH, Northumberland |
£233,130 |
-2.56 |
- Ends -
For further information, please contact PR Team on pr@zoopla.co.uk or +44 (0)20 3873 8770.
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