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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

    Source: Zoopla, December 2017

    - Ends -

    For further information, please contact Tim Vooght at pr@zoopla.co.uk or on 020 3872 5615.

    Notes to editors

    Zoopla is the UK's most comprehensive property website, focused on empowering users with the resources they need to make better-informed property decisions. We help consumers both find their next home and research the market by combining hundreds of thousands of property listings with market data, local information and community tools.

    At Zoopla we are fans of transparency and everything we do is aimed at making the market more efficient for both property consumers and advertisers alike. Zoopla has rapidly become the UK’s leading online destination for property consumers to search for homes and do their market research and the favoured online marketing partner for UK estate agents, letting agents and property developers.

    Launched in 2008, Zoopla has since been one of the fastest growing websites in the UK, now attracting over 40 million visits per month and we are proud to have collected numerous awards and accolades along the way, including being named one of the Top 10 UK Tech Companies (Guardian) and one of the Top 10 Most Innovative UK Companies (Smarta).

    Zoopla is part of Zoopla Limited which was founded in 2007.

    Zoopla Limited, The Cooperage, 5 Copper Row, London, SE1 2LH
    Registered in England and Wales with Company No. 09005884
    VAT Registration number: 191 2231 33
    Data Protection number: Z9972266

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