Total value of British property stands at £8.1 trillion... down by 0.77 per cent since July
16th October 2017
- British property market now worth a total of £8.1 trillion – down £62.7 billion since July
- The average property has declined in value by £23.78 a day since July
- Wales and Scotland were the only British regions to experience property value growth in Q3 of this year - 0.22 per cent and 0.04 per cent respectively
- Caernarfon, Bangor and Tewkesbury have grown the most in value since July
The total value of the British property market now stands at £8.1 trillion, and has fallen by 0.77 per cent (£62.7 billion) during the third quarter of 2017, according to new data from Zoopla. This dip means that the average British home has decreased in value by £2,188 since July this year, which equates to a drop of £23.78 per day.
Zoopla’s analysis of property value growth figures over the last quarter of 2017 reveals that Wales and Scotland bucked the downward trend, with the average home in these countries increasing marginally in value between July and September by 0.22 per cent and 0.04 per cent respectively. Meanwhile, property prices in England have dropped by 0.85 per cent over the same period.
With the exceptions of Wales and Scotland, property values have dropped in every region of Britain over the past three months. Values decreased the least in North West England (0.59 per cent) taking the average property value in the region to £189,522. North East England and South West England follow behind with values taking a hit of 0.71 and 0.79 per cent respectively. At the other end of the spectrum, the biggest decreases can be found in London (0.99 per cent), with the average house price down £6,633 to £665,605. The West Midlands saw the second largest dip in values with price drops of 0.97 per cent (-£2,130).
On a more local level, half of the top ten the best performing towns are located in Wales. Top of the list is the small portside town of Caernaford, which has experienced a growth rate of 1.57 per cent (£2,563). Bangor, Llanelli, Milford Haven and Bridgend also make the top 10, placing second, fifth, ninth and tenth respectively. Tewkesbury (Gloucestershire) is England’s top-ranked town and takes third place overall, with property prices increasing by 0.91 per cent over the last quarter to an average of £289,429.
At the bottom of the table, Hampshire’s Alton was Britain’s worst performing town in the third quarter of this year, with average property prices falling by 2.17 per cent (£10,900) between July and September. The market town of Alnwick (Northumberland) experienced the second highest decreases, with prices dropping by 2.14 per cent (£5,119). In third place, the average property in the riverside town of Isleworth (Hounslow) dipped by 1.9 per cent (£9,580).
Lawrence Hall, spokesperson for Zoopla comments: “We’ve seen a noticeable fall in house prices over the third quarter of this year, with a large proportion of these being in England - potentially good news for first-time buyers. Although the bank of England has hinted at interest rate rises, the Prime Minister’s recent announcement to extend investment in help-to-buy and build more homes throughout the country will bring further welcome news to those looking to get a foot on the property ladder.
“While prices have decreased in England, it’s encouraging to see solid performances from the Welsh and Scottish markets as they usually fall behind the English market when it comes to average price growth.”
Regional value changes in Q3 2017
|Ranking||Region||July value (£)||Current average value (£)||£ increase/decrease in value for 2017 Q3||% increase/decrease in value for 2017 Q3|
|3||North West England||£190,672||£189,552||-£1,120||-0.59%|
|4||North East England||£188,106||£186,765||-£1,341||-0.71%|
|5||South West England||£297,369||£295,011||-£2,358||-0.79%|
|6||East of England||£358,929||£355,941||-£2,988||-0.83%|
|7||South East England||£409,846||£406,271||-£3,575||-0.87%|
|9||Yorkshire and The Humber||£173,771||£172,199||-£1,572||-0.90%|
Top 10 towns for value increases in Q3 2017
|Ranking||Town||July value (£)||Current average value (£)||£ increase in value for 2017 Q3||% increase/decrease in value for 2017 Q3|
|6||Woodford Green, Essex||£604,035||£607,904||£3,869||0.64%|
|9||Milford Haven, Pembrokeshire||£148,453||£149,161||£708||0.48%|
Bottom 10 towns for value increases in Q3 2017
|Ranking||Town||July value (£)||Current average value (£)||£ decrease in value for 2017 Q3||% increase/decrease in value for 2017 Q3|
|4||Houghton-le-Spring, County Durham||£141,806||£139,128||-£2,678||-1.89%|
|6||Shoreham-by-Sea, West Sussex||£377,921||£371,032||-£6,889||-1.82%|
|10||Mexborough, South Yorkshire||£123,270||£121,114||-£2,156||-1.75%|
- Ends -
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