The average price of a home in Britain increased by almost £10,000 in 2017, the equivalent of £28 a day and overall the nation’s property market is worth £8.29 trillion, new data shows.
The typical British home rose in value by a total of £9,652, led by Clevedon in North Somerset with a rise of 11.6% to an average value of £334,245, according to the research by Zoopla.
It was followed by the market town of Ashbourne in Derbyshire with growth of 11.59 to £354,815, Tewkesbury in Gloucestershire up 11.38% to £299,543, Whitstable in Kent up 11.17% to £386,051 and Ilkley in West Yorkshire up 11.09% to an average of £404,994.
On a regional basis Scotland saw the biggest growth in house prices during the past year, up 8.44% to an average of £191,915 with values up 3.21% in England to £328,380 and up 2.94% in Wales to £185,378.
At the other end of the scale, the area that had seen the biggest decline in average prices is Leigh in Greater Manchester with a fall of 4.61% to £124,134, followed by Walton on Thames in Surrey, down by 3.32% to £630,468, and Houghton Le Spring in County Durham down 3.21% to £139,714.
The research also reveals the most used keywords use by house hunters in 2017 with space for a car being high on the agenda as the word garage was the most popular term, while parking rose in the rankings from fourth to second place when compared to this time last year. For the first time freehold has entered the top 10 most popular search terms.
‘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% rise, but down year on year from the 7.25% growth rate seen in 2016,’ he pointed out.
‘Although good news for home owners, 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,’ he added.