Positive signs for the UK property market as the first quarter of 2018 recorded an average growth of 1.27% in property prices.
Recent data from Zoopla has 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.
These 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.
Spokesperson for Zoopla – Lawrence Hall – commented on the findings from their data, stating; “Homeowners may be relieved to see that the market has had a more positive start to 2018 than 2017,
"House price growth outside London and the North is robust and shows little sign of slowing. Demand is holding up and affordability is attractive which is a positive for those looking to get on the ladder or move home.”