The average price for property in UK stands at £311,910 in January 2018, a rise of 0.62 per cent since October 2017 and rise of 3.68 per cent since the same time 12 months ago.
According to recent figures published by Zoopla, the average price of a British home increased by £9,652 in 2017, the equivalent of £28 a day.
The biggest winner in percentage terms was the seaside resort of Clevedon in North Somerset, which saw house prices growing by 11.6 per cent, to reach an average value of £334,245. Kingston Upon Thames was the only London town to feature in the top 10, with prices growing 10.95 per cent to reach an average of £742,775.
The property market in Britain is now valued at £8.29 trillion, marking a rise of 3.5 per cent rise in the 12 months since the start of 2017.
Commenting on the findings, Lawrence Hall, spokesperson for Zoopla, says: “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 per cent rise – though down year-on-year from the 7.25 per cent growth rate seen in 2016.”
He goes on to say that, whilst this growth is good news for homeowners, it does add to the ongoing affordability challenges to those trying to get onto the UK 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,” Mr Hall adds.
Beavis Morgan – Specialist property advisers
At Beavis Morgan, we have extensive experience in advising individuals and businesses on all aspects of the property market. We act for a broad range of property investors and developers who actively need advice on how to best structure their property deals, both to ring-fence and protect their property assets, as well as to minimise the tax arising from their business operations.
For further information about how we can help you with your property ambitions, contact Steve Govey or your usual Beavis Morgan Partner.