Value of Britain’s homes ‘increased by £83 billion in 2018’

The total value of Britain’s homes has grown by an estimated £83 billion across 2018 to reach £8.29 trillion, a report has found.

The increase has added around £2,860 to the average price of a home, according to property website Zoopla.

The general uplift has happened despite uncertainty over Brexit and stretched affordability when comparing house prices with incomes – although some parts of Britain have seen values fall.

Across Britain’s nations and regions, property prices in Scotland have seen the biggest percentage growth over the past year, with a 6.43% increase.

At the other end of the spectrum, property values in London have dipped by 1.67%.

Richard Donnell, insight director at Zoopla said: “Values in London have grown significantly since 2010 but multiple tax changes and affordability pressures are resulting in values falling back.

“In contrast, affordability levels remain attractive in many areas outside of southern England, and on the back of rising employment and low mortgage rates we see values outperforming the rest of the country, a trend we expect to continue into 2019.”

Zoopla also looked at house price performances at a more local level over the past year, looking at post towns with 10,000 properties or more.

It found Ryde in the Isle Of Wight has seen the biggest house price increase over the past year, with double-digit growth of 10.24%.

By contrast, Alnwick in Northumberland have fallen by an average of 6.58%.

Here are average property value increases across 2018 across nations and regions, according to Zoopla, with the current average value followed by the increase:

1. Scotland, £195,739, 6.43%
2. Wales, £192,362, 3.98%
3. East Midlands, £220,746, 2.91%
4. North East England, £190,242, 1.92%
5. Yorkshire and the Humber, £179,809, 1.64%
6. West Midlands, £230,823, 1.60%
7. North West England, £195,897, 0.45%
=8. South West England, £307,693, 0.38%
=8. South East England, £409,923, 0.38%
10. East of England, £357,952, minus 0.50%
11. London, £653,587, minus 1.67%

And here are the top 10 post towns for the biggest property price growth in 2018 with the current average value and the percentage increase, according to Zoopla:

1. Ryde, Isle Of Wight, £242,016, 10.24%
2. Smethwick, West Midlands, £163,627, 9.67%
3. Diss, Norfolk, £311,486, 7.89%
4. Broadstairs, Kent, £333,212, 7.63%
5. Pontypool, Torfaen, £162,319, 7.52%
6. Crook, County Durham, £120,792, 7.13%
7. Torquay, Devon, £244,414, 7.05%
8. Driffield, East Riding of Yorkshire, £209,406, 6.93%
9. Brighouse, West Yorkshire, £180,739, 6.75%
10. Motherwell, North Lanarkshire, £146,307, 6.74%

And here are the top 10 post towns for the weakest property price growth in 2018 with the current average value and the percentage change, according to Zoopla:

1. Alnwick, Northumberland, £238,802, minus 6.58%
2. Biggleswade, Bedfordshire, £329,206, minus 6.49%
3. Nantwich, Cheshire, £276,647, minus 5.60%
4. Eastleigh, Hampshire, £337,784, minus 5.19%
5. Hebburn, Tyne and Wear, £135,835, minus 4.88%
6. Bideford, Devon, £256,958, minus 4.63%
7. Bushey, Hertfordshire, £595,179, minus 4.57%
=8. Batley, West Yorkshire, £139,799, minus 4.51%
=8. Towcester, Northamptonshire, £367,669, minus 4.51%
10. Kirkcaldy, Fife, £143,296, minus 4.49%