Positive signs for the UK property market as the first quarter of 2018 recorded an average growth of 1.27% in property prices.
Statistics have revealed that homes in Britain gained £44 in value between January and March of 2018, an average of £3,917 added to the price tag of a home, resulting in a collective growth of £114 billion.
This takes the overall value of UK property to a staggering £8.3 trillion.
The are new figures are quite the contrast to reports from the same period last year, where the collective value of UK homes fell by £29 billion.
The region to see the largest growth during the first quarter of 2018 was the North West, recording an increase of 1.85% (£3,552) taking the average value of a home in the region to £192,397.
Following closely behind were the regions of the East Midlands and Yorkshire & The Humber, both seeing a rise in value of 1.58% taking their average house prices to £212,557 and £174,353, respectively.
At the other end of the table are Wales and Scotland, where property prices increased the least. Welsh homes grew in value by 0.11%, only a £203 increase with average values now standing at £186,053. Scotland fared slightly better showing a 0.17% increase of £331 to £189,297.
While the national average for house price growth stood at 1.27%, there were some areas of the UK that saw more than double the average in increases.
Sidcup in Kent, Heathfield in East Sussex and Wallingford in Oxfordshire all recorded growth of 2.84% or higher and added more than £11,000 to their property’s price tag.
Fife Properties Managing Director, Jim Parker commented, “While the average in Scotland has only increased marginally Fife is fairing extremely well and generally we are achieving far better results than this”.
