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British property market worth £8.17 trillion at the end of 2016... up 7.27% since January

20th December 2016

  • British property market now worth a total of £8.17 trillion – up £559 billion since January
  • This equates to a daily growth of £57 per day for the average property
  • East of England was fastest growing region with values up 11.56 per cent
  • Diss, Leatherhead and Southall are the locations with the biggest property price growth
  • A ‘garden’ was the most searched for keyword on Zoopla this year
  • The British property market is now valued at a total of £8.17 trillion, marking a rise of 7.35 per cent (£559 billion) since the start of the year, according to new data from property website Zoopla. This equates to an increase in value of £19,348 for the average British home over the course of 2016, with each property going up by £56.57 per day.

    Zoopla analysed values data to reveal how the British property market has performed in 2016 and found that properties in England have increased in value the most, rising by 7.59 per cent to an average of £325,575. This is followed by Scotland where values have increased by 5.56 per cent to an average of £185,355. Wales, where the average home is now worth £179,074, comes third with a lower growth rate (3.8 per cent).

    Regionally, property values in the East of England have grown the most since the start of the year, and is the only region to have experienced double digit percentage growth (up 11.56 per cent to an average of £358,401). The West Midlands takes second place with a rate of 8.74 per cent since January (up to £220,993) while South East England follows closely behind, with properties valued at £411,736 following a growth rate of 8.44 per cent. At the other end of the scale, more modest growth rates can be seen in London, Wales and the North East of England, where property prices have risen by 5.12 per cent, 3.8 per cent and 2.41 per cent respectively.

    At a local level, Diss in Norfolk was the year’s biggest winner in terms of value rises, experiencing a growth rate of 16.2 per cent and taking the average home’s value to £305,896. Leatherhead in Surrey came second, with properties rising 14.7 per cent to reach £833,631 – almost three times the national average value. London’s Southall follows next, with properties rising by 14.55 per cent since the beginning of January and now standing at an average price of £382,153.

    Conversely, Aberdeen has proved to be Britain’s poorest performing town in terms of property values over the past year, with prices falling by an average of 2.83 per cent to £217,234. Llandudno, in Conwy County, Wales, is second to last with prices decreasing 2.38 per cent to £195,623, and Ashington in Northumberland is third with a 2.31 per cent decrease, taking the average property value to £108,611.

    The data also showed Brits spent 2016 looking for outside space. According to Zoopla keyword search figures for the year, ‘Garden’ remained the most popular term, however, ‘Garage’ has risen from third to second place. The biggest mover was ‘Parking’ which soared from the eighth to the fourth most popular search term when compared to this time last year.

    Lawrence Hall, spokesperson for Zoopla comments: “2016 has certainly been a historic year, with the events of the past six months giving rise to potential political uncertainty. However, the property market – it seems – remains resilient and property values across Britain have continued to grow.

    “As city centre living becomes increasingly less affordable, our data shows significant increases in property values in popular commuter towns. Towns such as Leatherhead in Surrey and Diss in Norfolk, which offer commuting times to London of under one hour and 90 minutes respectively, have proved particularly desirable.”

    Average property value and increase by country

    Ranking Country Current average value % increase in value since January 2016
    1 England £325,575 7.59%
    2 Scotland £185,355 5.56%
    3 Wales £179,074 3.8%

    Average property value and increase by region

    Ranking Region Current average value % increase in value since January 2016
    1 East of England £358,401 11.56%
    2 West Midlands £220,993 8.74%
    3 South East England £411,736 8.44%
    4 South West England £297,054 7.88%
    5 North West England £190,005 7.57%
    6 East Midlands £209,183 7.42%
    7 Yorkshire and The Humber £173,362 5.58%
    8 Scotland £185,344 5.56%
    9 London £680,593 5.12%
    10 Wales £179,096 3.80%
    11 North East England £187,683 2.41%

    Top 10 post towns for price growth since January 2016

    Ranking Town Current average value % increase in value since January 2016
    1 DISS, Norfolk £305,896 16.20%
    2 LEATHERHEAD, Surrey £833,631 14.70%
    3 SOUTHALL, London £382,153 14.55%
    4 CROOK, County Durham £121,949 14.45%
    5 SEAFORD, East Sussex £351,888 14.29%
    6 WOODFORD GREEN, Essex £616,925 14.28%
    7 CHIPPENHAM, Wiltshire £338,102 14.14%
    8 NORTHWOOD, London £915,207 14.13%
    9 SHOREHAM-BY-SEA, West Sussex £387,248 13.80%
    10 UPMINSTER, Essex £552,561 13.77%

    Bottom 10 post towns for price growth since January 2016

    Ranking Town Current average value % increase in value since January 2016
    1 ABERDEEN, Aberdeenshire £217,234 -2.83%
    2 LLANDUDNO, Conwy £195,623 -2.38%
    3 ASHINGTON, Northumberland £108,611 -2.31%
    4 BANGOR, Gwynedd £165,673 -1.03%
    5 NEWQUAY, Cornwall £264,892 -0.81%
    6 WEST DRAYTON, London £360,604 -0.43%
    7 OSSETT, West Yorkshire £167,224 0.02%
    9 TREDEGAR, Blaenau Gwent £93,458 0.25%
    10 PONTYPRIDD £144,413 0.51%
    Source: Zoopla, December 2016

    - Ends -

    For further information, please contact PR Team on [email protected] or +44 (0)20 3873 8770.

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    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.

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    What really matters is how it makes you feel.

    We know what a home is really worth.

    So let us help you find yours.

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