Average prices up just 1.02% in 2018, but some locations saw much higher growth

Property prices in the UK likely to be stable in 2019, but depends on Brexit deal
December 28, 2018
Rents in England and Wales up by 1.8% in year to November 2018
January 8, 2019

Average prices up just 1.02% in 2018, but some locations saw much higher growth

Property prices in Britain increased by 1.02% annually in 2018, equating to an increase of £2,860 for the average property and a daily increase of £8, new research shows.

The growth added £83 billion to the value of the nation’s residential property market, taking its overall value to £8.29 trillion.

Regionally, Scotland came out on top, with average prices growing by 6.43% to an average of £195,739, according to the data from property portal Zoopla.

Wales saw values up by 3.98% to an average of £192,362, followed by the East Midlands where house prices have risen by 2.91% to £220,746.

Only one town in Britain saw double digit growth in property values in 2018 with Ryde on the Isle of Wight seeing prices rise by 10.24%, more than 10 times the national average, to stand at £242,016.

Proving how much influence local factors can have over values, a diverse mix of towns from up and down the country made the top 10. In second place was the Midlands town of Smethwick with prices up by 9.67% to reach an average of £163,627.

This was followed by the market town of Diss in Norfolk with a rise of 7.89% in the last 12 months, bringing the average property price to £311,486, then Broadstairs in Kent up 7.63% to £333,212.

In Pontypool in Wales prices increased by 7.52% to an average of £162,319, in Crook in County Durham they were up by 7.13% to £120,792, and in Torquay in Devon prices increased by 7.05% to £244,414.

The data also shows that prices increased by 6.93% in Driffield in Yorkshire to an average of £209,406, in Brighouse, also in Yorkshire, they were up by 6.75% to £180,739 and in Motherwell in Scotland prices rose by 6.74% to £146,307.

Source: www.propertywire.com