According to fresh data that has been released by property experts Zoopla, the average house prices in the UK rose £57 per day in 2016, resulting in a 7% increase from January’s figures which makes the British property market now worth a staggering £8.17 trillion.
In order to evaluate how the British property market has performed in a calendar year, Zoopla analyses the values data in the UK, and this year the British market rose by £19,000, with average house prices in England rising 7.5% to £325,575.
Scotland follows England with average house prices of £185,355 which is a rise of 5.5% for 2016, with Wales coming third in the list with average house prices for 2016 worth £179,074, which is a growth rate of 3.8% on last year.
“2016 has certainly been a historic year, with the events of the past six months giving rise to potential political uncertainty” commented Lawrence Hall, the spokesperson for Zoopla. “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.”
In terms of which regions have performed the best this year, the East of England tops the list with a growth of an impressive 11.5% to an average house price of £358,401, and the West Midlands is in second place with the average prices rising to £220,993, which is an 8.7% increase from January.
So it appears the British property market has been performing well in 2016, and you can be sure to expect these figures to rise even more come the end of 2017.