Britain's property market 'now worth £8.29 trillion'

The average home in Britain has added £28 per day to its value during 2017, according to calculations by a property website.

The residential property market is now valued at a total of £8.29 trillion, marking a rise of 3.5% or £280 billion since the start of the year, property website Zoopla found.

It analysed property data between January 1 and December 12 and found that average values have increased by £9,652 - equating to £28 per day.

Property values in Scotland have increased by 8.44% over the past year to reach an average of £191,915, according to Zoopla's calculations.

House prices
House prices

In England, average values have increased by 3.21% to reach £328,380.

In Wales, a typical home is now worth 2.94% more than at the start of the year, at £185,378.

The North East of England is the only region where average property values were found to be lower than in January, with a 0.35% decrease.

At a local level, the seaside resort of Clevedon in north Somerset was 2017's biggest property "winner", according to Zoopla, with 11.6% growth in values taking the average home to £334,245.

Ashbourne in Derbyshire was in second place, with property values rising by 11.59% to reach an average of £354,815.

Tewkesbury in Gloucestershire was placed third, with values increasing by 11.38% since the start of the year, bringing the average price to £299,543.

By contrast, Leigh in Greater Manchester experienced the weakest property price growth in the study. Values there have fallen by an average of 4.61% to £124,134.

Walton-on-Thames in Surrey saw values decline by 3.32% over the year to £630,468 on average, and Houghton Le Spring in County Durham saw an average decrease of 3.21%, pushing the average property value down to £139,714.

Zoopla's analysis of the strongest and weakest-performing post towns included towns with 10,000 properties or more.

Lawrence Hall, a spokesman for Zoopla, said: "2017 has been an unpredictable and varied year for the British property market, with continued uncertainty surrounding Brexit, the triggering of Article 50 in March and a hard-fought general election in June.

"However, the value of housing has proved its resilience in the face of political ambiguity, finishing the year with a solid 3.5% rise - though down year-on-year from the 7.25% growth rate seen in 2016.

"Though good news for homeowners, this continued growth does pose ongoing affordability challenges to those trying to get their foot on the first rung of the property ladder.

"Recent stamp duty reforms may go some way to help, but there's more to be done in 2018 to improve the picture for first-time buyers."

Here are average property values and increases by country and region, according to Zoopla:

1. Scotland, £191,915, 8.44%
2. East Midlands, £216,302, 5.82%
3. West Midlands, £227,016, 5.75%
4. East of England, £360,918, 4.42%
5. Yorkshire and the Humber, £176,350, 3.82%
6. South West England, £303,715, 3.46%
7. North West England, £193,821, 2.98%
8. Wales, £185,378, 2.94%
9. South East England, £416,084, 2.21%
10. London, £674,589, 0.73%
11. North East England, £188,330, minus 0.35%

Here are the top 10 towns for property price growth, according to Zoopla, with the average property value and the increase since January:

1. Clevedon, North Somerset, £334,245, 11.6%
2. Ashbourne, Derbyshire, £354,815, 11.59%
3. Tewkesbury, Gloucestershire, £299,543, 11.38%
4. Whitstable, Kent, £386,051, 11.17%
5. Ilkley, West Yorkshire, £404,994, 11.09%
6. Kingston-upon-Thames, London, £742,775, 10.95%
7. Market Drayton, Shropshire, £257,270, 10.2%
8. Belper, Derbyshire, £252,080, 10.04%
9. Sudbury, Suffolk, £327,835, 9.83%
10. Letchworth Garden City, Hertfordshire, £390,384, 9.79%

Here are the bottom 10 towns for property price growth, according to Zoopla, with the average property value and the increase since January:

1. Leigh, Greater Manchester, £124,134, minus 4.61%
2. Walton-on-Thames, Surrey, £630,468, minus 3.32%
3. Houghton Le Spring, County Durham, £139,714, minus 3.21%
4. Aberdare, Rhondda Cynon Taf, £113,975, minus 3.19%
5. Daventry, Northamptonshire, £258,016, minus 3.11%
6. South Shields, Tyne and Wear, £133,730, minus 2.97%
7. Brentford, London, £512,814, minus 2.93%
8. Burton-on-Trent, Staffordshire, £206,843, minus 2.85%
9. Camborne, Cornwall, £184,141, minus 2.69%
10. Morpeth, Northumberland, £233,130, minus 2.56%