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How did the 2016 housing market do?

 

This time last year, we pulled together a list of house price forecasts for 2016 from some top industry experts. Predictions ranged from ‘no change’ to a 6% growth nationally.

And data we’ve collected from Zoopla has revealed these forecasts weren’t too far from reality.

Property values across Britain have increased by an average 7.35% since the start of the year. That’s a total of £19,348 or almost £57 a day. The average value of a British home now stands at £325,575.

Winning (and losing) regions

As ever, the performance of the property market varied across the regions. In 2016, it was the east of England that saw the biggest price rise at nearly 11.56%. It was also the only area of the country to witness double-digit price growth.

The West Midlands was second in the running with the average property growing in value by 8.74%, while the south east took third place at 8.44% growth.

Average house prices in the three regions at the end of 2016 stand at £358,401, £220,993 and £411,736 respectively.

In London – for once – house price growth was more modest than the rest of the regions at 5.12%. The worst performing region was the north east of England (although growth was still positive over the year at 2.41%).

Winning (and losing) towns

Drilling down to a local level, Diss in Norfolk was the biggest winner in 2016 in terms of price growth. Property in the town is now worth a whopping 16.2% more than at the start of the year. The average property in the town now costs £305,896.

Leatherhead in Surrey came in second place, with property rising in value by 14.7%. And average house prices here now stand at a staggering £833,631.

Following close behind, was Southall, west London, where property prices have climbed by 14.55% since the start of the year. Homes are now valued at £382,153.

At the other end of the spectrum, Aberdeen proved to be Britain’s worst-performing town with a negative price growth of 2.83%. Llandudno in Conwyn County in Wales was next in line, with average price falls of 2.38%.

Lawrence Hall at Zoopla said: “2016 has certainly been an historic year with the events of the last six months giving rise to potential political uncertainty. However, the property market – it seems – remains resilient and property values across Britain have continued to grow.”

He adds: “As city centre living becomes increasingly less affordable, our figures show significant increases in property values of commuter towns; those around the capital feature heavily in the top performers list.

“Towns such as Leatherhead and Diss, which offer commuting times to London of less than an hour and 90 minutes respectively, have proved particularly desirable.”

http://www.zoopla.co.uk/discover/property-news/how-did-the-2016-housing-market-do/#AiplVXt66c24WBAg.97