On average, homeowners in England, Scotland and Wales saw their property value increase by £44 (US$63) each day between the start of January and the end of March, according to a report Friday by real estate website Zoopla.
The rise equals a total increase in value of £3,917 (US$5,578) for the average home in Great Britain throughout the first quarter of 2018.
In the same time frame, the entire British property market rose in value by 1.39%, or £114 billion (US$162.3 billion), to a total of £8.3 trillion (US$11.8 billion). It’s a vast improvement from the same period last year when the property market shrank by £29 billion (US$41.3 billion).
The North West of England was home to Britain’s highest regional growth at the start of the year, as the average property increased in value by 1.85%, or £3,552 (US$5,059). The East Midlands as well as Yorkshire and The Humber closely followed, both logging growth of 1.58%, equating to £3,357 (US$4,781) and £2,750 (US$3,916) respectively, the report said.
Meanwhile, Wales saw the smallest average property price growth of just 0.11%, followed closely by Scotland, which logged growth of 0.17%.
On a local level, Sidcup in Kent ranked as the best performing town in Britain, with property prices rising by an average of £11,761 (US$16,751), or 2.89%, in the last three months. It was followed by Heathfield in East Sussex, where property prices rose 2.87%, equating to £12,525 (US$17,839).
At the other end of the scale, Immingham in North East Lincolnshire was the worst performing town of the quarter as property prices dropped 1.72%, or £2,097 (US$2,986). The affluent London commuter town of Esher, Surrey, came second from bottom with prices falling £12,042 (US$17,151), or 1.12%.
“Homeowners may be relieved to see that the market has had a more positive start to 2018 than 2017,” said Lawrence Hall, spokesperson for Zoopla, in the report
Outside of London, the house price growth “is robust and shows little sign of slowing,” he said. “Demand is holding up and affordability is attractive, which is a positive for those looking to get on the ladder or move home.”
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