Property portal Zoopla announced that Scotland was the fastest-rising region in the UK property market, with property prices up by 6.43% since January 2018 and an average value of £195,739. Wales came second with a price jump of 3.9% to £192,362, and West Midlands followed where prices increased by 2.91% to an average property price of £220,746.
Across Britain, property prices rose by 1.02% this year, equating to an increase of £2,860 for the average property and a daily increase of £8. The value of homes across Britain has risen to £8.29 trillion in 2018, adding £83bn to the UK residential property market since January.
In 2018, only one town in the UK saw a double-digit increase in property value; Ryde on the Isle of Wight. The seaside town saw home values jump by 10.24% - more than ten times the national average – with the average house worth £242,016.
Motherwell in North Lanarkshire also placed in the top ten towns for property growth this year, increasing by 6.74% to an average value of £146,307.
On the other hand, Alnwick in Northumberland had the biggest fall in property value since January 2018; dropping 6.58% to an average price of £238,802. This was closely followed by Biggleswade in Bedfordshire (6.49% fall) and Nantwich in Cheshire (5.60% drop).
London experienced a 1.67% drop in property prices to an average of £653,587. The East of England also saw a 0.5% fall to £357,952. Zoopla explained that most of the house value indices highlight flat or falling prices, especially in London and the South East. Buyers are facing the challenging task of being able to afford near-record high house prices. This is alongside Brexit fears in recent months affecting the 2018 property market.
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