Average house prices continue to rise

THE average home in Britain has piled £44 per day on to its value since the start of 2018, analysis by a website has found.

In total, Britain’s property market is now worth an estimated £8.3 trillion – having increased by £114bn during the first quarter of this year, Zoopla found.

The total rise equates to an increase in value of £3,917 for the average home between the start of January and the end of March – or around £44 per day.

The growth in property values seen in early 2018 is in contrast to the same period in 2017, when the property market shrank by £29bn, Zoopla said.

The region with the strongest percentage growth in property values during the first quarter of 2018 was the North-West of England, which saw average values rise by 1.85% or £3,552.

The East Midlands and Yorkshire and the Humber closely followed, as both saw growth of 1.58%, equating to £3,357 and £2,750 respectively.

At the other end of the spectrum, Wales saw values increase by 0.11% or £203 – a contrast to the first quarter in 2017 when it was the only area to see growth, at 0.4%.

Scotland followed, with modest growth of 0.17% or £331, with the South-West seeing the third-slowest growth at 1.38% or £4,162.

Immingham in North-East Lincolnshire was identified as the weakest performer in the first quarter of 2018 as values fell by 1.72% (£2,097) on average.

Lawrence Hall, a spokesman for Zoopla, said: “Home-owners may be relieved to see that the market has had a more positive start to 2018 than 2017.”