British property market grows by £114 billion this year

As the UK property industry picks up the pace we show you where property prices have risen – and fallen - most around the UK

It's 'so far, so good' for the UK’s property market in 2018 with a rise of 1.39%, equating to £114bn, since the start of the year, according to new data from Zoopla.

This is in marked contrast to the same period in 2017 when the property market actually shrank by 0.37%, leading to a loss of £29 billion.

The areas of Britain that have seen the highest growth, include the North West, where property values have shot up 1.85% in just three months, followed by the East Midlands, and Yorkshire and The Humber, which have both seen growth of 1.58%.

Meanwhile, Wales has seen the lowest rate of growth – just 0.11% – despite being the only region to see an increase in the same period last year.

The data shows that on average house prices have risen £3,917 between 1 January and the end of March, which works out as £44 per day.

Lawrence Hall, a spokesperson for Zoopla, thinks that this good news may continue.

“Homeowners may be relieved to see that the market has had a more positive start to 2018 than 2017," he said.

"House price growth outside London and the North is robust and shows little sign of slowing. Demand is holding up and affordability is attractive which is a positive for those looking to get on the ladder or move home.”

Sidcup in Kent is an easy commute to central London. Photo: Zoopla

On a more local level, towns such as Sidcup in Kent and Heathfield in East Sussex have proven to be especially tempting prospects to buyers, with rises of 2.89% and 2.87% respectively.

However, some towns have seen a drop in prices, including Immingham in North East Lincolnshire, Esher in Surrey, Ripon in Yorkshire – even London’s Edgware.

The full UK list by region:

Ranking	Region	Average value January (£)	Average value March (£)	£ increase in value Q1	% increase in value Q1
1	North West England	£192,397	£195,949	£3,552	1.85%
2	East Midlands	£212,557	£215,914	£3,357	1.58%
3	Yorkshire & The Humber	£174,353	£177,103	£2,750	1.58%
4	West Midlands	£223,886	£227,363	£3,477	1.55%
5	London	£663,172	£673,013	£9,841	1.48%
6	South East England	£404,546	£410,452	£5,906	1.46%
7	East of England	£355,648	£360,695	£5,047	1.42%
8	North East England	£186,002	£188,580	£2,578	1.39%
9	South West England	£301,847	£306,009	£4,162	1.38%
10	Scotland	£189,297	£189,628	£331	0.17%
11	Wales	£186,053	£186,256	£203	0.11%

Top 10 towns for value increases in Q1 2018

Ranking	Towns	Average value January (£)	Average value March (£)	£ increase in value Q1	% increase in value Q1
1	Sidcup, Kent	£406,729	£418,490	£11,761	2.89%
2	Heathfield, East Sussex	£436,202	£448,727	£12,525	2.87%
3	Wallingford, Oxfordshire	£488,157	£502,017	£13,860	2.84%
4	Glastonbury, Somerset	£305,889	£314,476	£8,587	2.81%
5	Darwen, Lancashire	£126,552	£130,104	£3,552	2.81%
6	Faversham, Kent	£328,246	£337,389	£9,143	2.79%
7	Batley, West Yorkshire	£140,069	£143,947	£3,878	2.77%
8	Devizes, Wiltshire	£319,906	£328,744	£8,838	2.76%
9	Kenilworth, Warwickshire	£397,190	£408,085	£10,895	2.74%
10	Hungerford, West Berkshire	£454,053	£466,188	£12,135	2.67%

Bottom 10 towns for value increases in Q1 2018

Ranking	Towns	Average value January (£)	Average value March (£)	£ decrease in value Q1	% decrease in value (Q1)
1	Immingham, North East Lincs	£121,805	£119,708	-£2,097	-1.72%
2	Esher, Surrey	£1,071,703	£1,059,661	-£12,042	-1.12%
3	Ripon, North Yorkshire	£285,982	£282,885	-£3,097	-1.08%
4	Caernarfon, Gwynedd	£172,974	£171,177	-£1,797	-1.04%
5	Edgware, London	£498,260	£493,212	-£5,048	-1.01%
6	Ebbw Vale, Blaenau Gwent	£107,361	£106,339	-£1,022	-0.95%
7	Snodland, Kent	£274,711	£272,109	-£2,602	-0.95%
8	Lee-On-The-Solent, Hants	£322,587	£319,570	-£3,017	-0.94%
9	Thame, Oxfordshire	£444,012	£439,966	-£4,046	-0.91%
10	Windsor, Windsor & Maidenhead	£595,380	£590,166	-£5,214	-0.88%

Source: Zoopla, April 2018