UK housing stock value builds
According to new research, this year has seen a 7% rise in the total value of Britain’s 28.9 million homes, reaching a total of 8.17 trillion.
The data from Zoopla has indicated that the average property has increased by £56.57 a day, and named the market town of Diss in Norfolk as the year’s biggest winner in regards to price growth.
Using price statistics between 1st January and 7th December 2016, the company stated that the housing stock in Britain was worth a total of £8,165,502,086,907. Since January, this is an increase of 7.35% or £559 billion.
On a regional level, the price of properties in the east of England were said to have risen the most, on average 11.56% to £358,401. Just behind this was the West Midlands, with a growth of 8.74%.
Formerly the region in the lead, London was third from the bottom in the table, with a rise of 5.12%.
Diss was hailed as the “best-performing” town at a local level, with a growth rate of 16.2%. Here, the average home value reached £305,896.
For people who are looking for somewhere that allows them to purchase a larger property than they would be able to in London, Diss was one a several locations that have grown in popularity. These places still enable people to remain working in London, with Diss offering a commuting time to the city of less than 90 minutes.
Coming behind the Norfolk-based town was Leatherhead in Surrey, with properties typically reaching £833,631, a rise of 14.7%.
In terms of property values over the past year, Aberdeen was name the “poorest performing” town, with average prices dropping by an average 2.83% to £217,234.
Spokesperson for Zoopla, Lawrence Hall, commented on the stability of the property market, despite the uncertainty throughout the year:
“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.”