New analysis has revealed that the value of the British residential property market rose by 3.5% over the course of 2017 to £8.29 trillion.
According to Zoopla, which conducted the study, this rise equates to an increase in value of £9,652 for the average British home over the course of 2017, with each property going up by £28 per day.
The study analysed values data to reveal how the British property market performed in 2017 and found that property prices in Scotland have increased the most over the past 12 months, rising by 8.44% to an average of £191,915. This is followed by England where values have increased by 3.21% to an average of £328,380. In Wales, the average home is now worth £185,378 – up 2.94% since the start of the year.
Regionally, properties in the East Midlands have seen the second highest growth rate after Scotland, rising in value by 5.82% since January. This is followed by the West Midlands where the average home is now valued at £227,016 up by 5.75%. At the other end of the scale, values have declined by 0.35% in the North East of England, while prices in London and the South East of England have slowed in growth, rising by just 0.73% and 2.21% respectively over the past 12 months.
The data also revealed Brits’ property-related search trends in 2017. According to keyword search figures ‘Garage’ was the most popular term, and ‘Parking’ rose in the rankings from fourth to second place when compared to this time last year.
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