Skip to main content Menu Skip to footer

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
    1 Wales £179,078 0.40% 2.13%
    2 Scotland £179,809 -0.08% 0.93%
    3 England £314,850 -0.41% 1.5%

    Average property value and increase/decrease by region

    Ranking Region Current average value % increase/decrease in value for 2017 Q1
    1 Wales £179,078 0.40
    2 Scotland £179,809 -0.08
    3 London £661,519 -0.24
    4 South East England £397,711 -0.37
    5 North West England £184,008 -0.37
    6 North East England £184,160 -0.43
    7 East Midlands £203,136 -0.43
    8 West Midlands £211,603 -0.44
    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
    2 LEOMINSTER, Herefordshire £248,103 1.74
    3 BROADSTAIRS, Kent £313,090 1.69
    4 EBBW VALE, Blaenau Gwent £109,418 1.63
    5 GODALMING, Surrey £620,823 1.56
    6 CHEPSTOW, Monmouthshire £305,263 1.51
    7 OSSETT, West Yorkshire £173,825 1.49
    8 BRIXHAM, Devon £252,197 1.49
    9 BECKENHAM, London £561,404 1.44
    10 DUNMOW, Essex £480,641 1.43
    Source: Zoopla, April 2017

    - Ends -

    For further information, please contact PR Team on pr@zoopla.co.uk or +44 (0)20 3873 8770.

    About Zoopla

    Hello. We're Zoopla. A property website and app.

    We know you're not just looking for a place to live. You're looking for a home.

    Yeah, we've got over a million properties for you to browse.

    Tools that let you filter them in all kinds of clever ways.

    And reliable house price estimates, so you can be sure you aren't paying over the odds.

    But we know you're looking for more than that.

    Because that first flat won't just be a 'great investment opportunity'.

    It'll be the feeling of starting out on your own.

    That extra bedroom won't just mean another £20K on the re-sale price, it'll mean having your sister over to stay.

    And that bungalow won't just be a way to release some equity, it will be a chance to spend more time with the grandkids.

    We know that searching for a home is about more than just checking its price, location and features (important as all those things are).

    What really matters is how it makes you feel.

    We know what a home is really worth.

    So let us help you find yours.

    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

    Back to Press releases