Total value of British housing market stands at £7.9 trillion
15th April 2017
- British property market now worth a total of £7.93 trillion – down £29 billion since beginning of 2017
- This equates to a daily reduction of £11.15 for the average property
- Wales was the only British region to experience property value growth in the first three months of the year (0.4 per cent)
- Towns of Tredegar, Leominster and Broadstairs have grown the most in value since January
The total value of the British property market now stands at £7.93 trillion, having fallen by 0.37 per cent (£29 billion) during the first quarter of 2017, according to new data from Zoopla. This equates to a decrease in value of £1,004 for the average British home from 1st January 2017 until the end of March this year, with each property declining by £11.15 per day.
Zoopla analysed its property values data to reveal how the British housing market has performed in the first quarter of 2017. The data shows that Wales is the only British country to have experienced property value growth over the first three months of the year, with values increasing on average by 0.4 per cent. Property prices have dropped the most in England (0.41 per cent), followed by Scotland where prices have dropped less steeply (0.08 per cent). Looking at the past 12 months, however, values have grown modestly. Property prices in Britain are up by 1.44% and England, Scotland, and Wales have individually risen by 1.5 per cent, 0.93 per cent and 2.13 per cent respectively.
Regionally, after Wales and Scotland, property values in London have proved the most resilient, with prices in the capital falling by an average of just 0.24 per cent (down from £663,079 to £661,519). South East England and North West England are not far behind, with values in both regions taking a 0.37 per cent hit. At the other end of the spectrum, more noticeable decreases can be seen in South West England and in Yorkshire and The Humber, where average property prices have declined by 0.6 per cent and 0.52 per cent respectively.
At a local level, the small riverside town of Tredegar (Wales) has seen the largest value increase, experiencing a growth rate of 1.83 per cent – well above the British average of -0.37 per cent. The best performing town in England was Leominster (Herefordshire) where prices have increased by 1.74 per cent, bringing the average home value in the town up to £248,103. Livingston (West Lothian) leads the way for Scotland, with average property prices growing by 0.67 per cent.
Lawrence Hall, spokesperson for Zoopla comments: “We have seen a small fall in house price growth for the first quarter of this year, however annually prices across Britain are up 1.44 per cent. The softening in values and continued low mortgage rates are positive news for first time buyers trying to get on to the property ladder. These prospective homeowners will be pleased to see a decrease in overall property values as seemingly unstoppable growth has pushed many areas out of reach in the past year. It’s also encouraging to see the resilience of the Welsh property market which in the past has often lagged behind England and Scotland.”
Average property value and increase/decrease by country
|Ranking||Country||Current average value||% increase/decrease in value for 2017 Q1||YoY % change in value|
Average property value and increase/decrease by region
|Ranking||Region||Current average value||% increase/decrease in value for 2017 Q1|
|4||South East England||£397,711||-0.37|
|5||North West England||£184,008||-0.37|
|6||North East England||£184,160||-0.43|
|9||East of England||£343,331||-0.45|
|10||Yorkshire & The Humber||£168,644||-0.52|
|11||South West England||£287,434||-0.60|
Top 10 post towns for price growth during Q1 of 2017 (ranked by % increase)
|Ranking||Town||Current average value||% increase in value during 2017 Q1|
|1||TREDEGAR, Blaenau Gwent||£102,062||1.83|
|4||EBBW VALE, Blaenau Gwent||£109,418||1.63|
|7||OSSETT, West Yorkshire||£173,825||1.49|
- Ends -
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