Average prices up just 1.02% in 2018, but some locations saw much higher growth
Property prices in Britain increased by 1.02% annually in 2018, equating to an increase of £2,860 for the average property and a daily increase of £8, new research shows.
The growth added £83 billion to the value of the nation’s residential property market, taking its overall value to £8.29 trillion.
Regionally, Scotland came out on top, with average prices growing by 6.43% to an average of £195,739, according to the data from property portal Zoopla.
Wales saw values up by 3.98% to an average of £192,362, followed by the East Midlands where house prices have risen by 2.91% to £220,746.
Only one town in Britain saw double digit growth in property values in 2018 with Ryde on the Isle of Wight seeing prices rise by 10.24%, more than 10 times the national average, to stand at £242,016.
Proving how much influence local factors can have over values, a diverse mix of towns from up and down the country made the top 10. In second place was the Midlands town of Smethwick with prices up by 9.67% to reach an average of £163,627.
This was followed by the market town of Diss in Norfolk with a rise of 7.89% in the last 12 months, bringing the average property price to £311,486, then Broadstairs in Kent up 7.63% to £333,212.
In Pontypool in Wales prices increased by 7.52% to an average of £162,319, in Crook in County Durham they were up by 7.13% to £120,792, and in Torquay in Devon prices increased by 7.05% to £244,414.
The data also shows that prices increased by 6.93% in Driffield in Yorkshire to an average of £209,406, in Brighouse, also in Yorkshire, they were up by 6.75% to £180,739 and in Motherwell in Scotland prices rose by 6.74% to £146,307.