New research from Zoopla claims that property values rose by £28 a day in 2017.
According to the data, the value of the average UK house rose by £9,652 over the last 12 months. The British property market is now estimated to be worth £8.29 trillion, a £280 billion increase since the start of last year.
“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,” said Lawrence Hall, spokesman for Zoopla.
“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.”
Certain parts of the UK benefited from this boom more than others. Clevedon in North Somerset was the biggest winner; the area enjoyed an increase of 11.6%, bringing its average property value to £334,245. Meanwhile, properties in Ashbourne, Derbyshire, now have an average of £354,815, having seen an increase of 11.59%.
Looking at different regions of the UK, Scotland was the top scorer with an average increase of 8.44%. While England only saw a 3.21% rise, its average property of value of £328,380 still beats Scotland’s £191,915. Wales experienced a 2.94% increase, bringing its average property price to £185,378.
While the overall picture is favourable, there were also areas which saw decreases in their averages. The lowest scorer was Leigh, Greater Manchester, which experienced a fall of 4.61% - bringing its average to just £124,134.
Mr Hall continued: “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.”
Prices were not the only things changing, according to Zoopla. Looking at property-related keyword trends in 2017, the company found that ‘garage’ was the most popular search term, followed by ‘parking’. The term ‘freehold’ also entered the top 10 most popular searches for the first time.
Unsure of the value of your property? While averages are a good indication for your area, they do not guarantee a clear picture of what your home is actually worth. For an accurate estimate, speak to a local estate agent.
Philip is always on the lookout for properties that inspire. He knows how frustrating home improvements and maintenance can be, which is why he covers everything from loft conversions to radiator repair! Phil’s main interest is in modern properties, with a particular soft spot for skyscrapers.