While parts of the UK are zooming ahead with strong house price gains, others are declining, but the overall picture is one of a slow and steady climb across the country as a whole – which is good news. Now, research from Zoopla estimates that the country’s total housing stock is now worth £8.3trn…
Over the past year, the average home in the UK has seen its value grow by 1.39%, while in the first three months of 2018, property prices rose by the equivalent of £114bn, according to Zoopla data.
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Averaged out across each property, the total house price rise over the past three months was £3,917 per house, which equates to an average of £44 a day for every homeowner in the UK.
Regionally, the variations were significant. The north-west, which is tipped as the frontrunner in the property market over the next five years, saw the biggest growth between January and March, with the average home gaining £3,552 in total.
The East Midlands was another top performer, with properties seeing their values rise by £3,357 in the last three months, while Yorkshire & The Humber homes made gains of £2,750 on average.
Places where values are falling
However, the landscape in certain towns across the country was somewhat different. The bottom performer in terms of house prices was Ripon in North Yorkshire, despite the overall strength of the region – the town saw prices drop by an average of £3,097 during Q1, which is 1.08%.
In London, Edgware saw a significant fall in house prices in the first quarter, with homes losing a huge £5,048 of their value over the same period, bringing them down from £498,260 to £493,212.
Lawrence Hall at Zoopla said: “House price growth outside London and in 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.”