The British property market is now worth a whopping £8.17 trillion after rising 7% since the start of the year, according to new data from property website Zoopla.
For the average British home this works out at a rise of over £19,000 during 2016, or £57 per day.
Zoopla analysed values data to reveal how the British property market has performed in 2016 and found that properties in England have increased in value the most, rising by 7.5% to an average of £325,575.
This is followed by Scotland, where values have increased by 5.5% to an average of £185,355. Wales, where the average home is now worth £179,074, comes third with a lower growth rate of 3.8%.
Property values in the East of England have grown the most since the start of the year, up 11.5% to an average of £358,401. The West Midlands takes second place with a rate of 8.7% since January up to £220,993, while South East England follows closely behind, with properties valued at £411,736 following a growth rate of 8.4%.
At the other end of the scale, more modest growth rates can be seen in London, Wales and the North East of England, where property prices have risen by 5.1%, 3.8% and 2.4% respectively.
Diss in Norfolk was the year’s biggest winner in terms of value rises, experiencing a growth rate of 16.2% and taking the average home’s value to £305,896. Leatherhead in Surrey came second, with properties rising 14.7% to reach £833,631, followed by London’s Southall, with properties rising by 14.5% since the beginning of January at £382,153.
Lawrence Hall, spokesperson for Zoopla, said: “2016 has certainly been a historic year, with the events of the past 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.
“As city centre living becomes increasingly less affordable, our data shows significant increases in property values in popular commuter towns. Towns such as Leatherhead in Surrey and Diss in Norfolk, which offer commuting times to London of under one hour and 90 minutes respectively, have proved particularly desirable.”
Average property value by country
| Ranking | Country | Current average value | % increase in value since January 2016 |
| 1 | England | £325,575 | 7.5% |
| 2 | Scotland | £185,355 | 5.5% |
| 3 | Wales | £179,074 | 3.8% |
Source: Zoopla, December 2016
Average property value and increase by region
| Ranking | Region | Current average value | % increase in value since January 2016 |
| 1 | East of England | £358,401 | 11.5% |
| 2 | West Midlands | £220,993 | 8.7% |
| 3 | South East England | £411,736 | 8.4% |
| 4 | South West England | £297,054 | 7.8% |
| 5 | North West England | £190,005 | 7.5% |
| 6 | East Midlands | £209,183 | 7.4% |
| 7 | Yorkshire and The Humber | £173,362 | 5.5% |
| 8 | Scotland | £185,344 | 5.5% |
| 9 | London | £680,593 | 5.1% |
| 10 | Wales | £179,096 | 3.8% |
| 11 | North East England | £187,683 | 2.4% |
Source: Zoopla, December 2016
Top 10 post towns for price growth since January 2016
| Ranking | Town | Current average value | % increase in value since January 2016 |
| 1 | Diss, Norfolk | £305,896 | 16.2% |
| 2 | Leatherhead, Surrey | £833,631 | 14.7% |
| 3 | Southall, London | £382,153 | 14.5% |
| 4 | Crook, County Durham | £121,949 | 14.4% |
| 5 | Seaford, East Sussex | £351,888 | 14.2% |
| 6 | Woodford green, Essex | £616,925 | 14.2% |
| 7 | Chippenham, Wiltshire | £338,102 | 14.1% |
| 8 | Northwood, London | £915,207 | 14.1% |
| 9 | Shoreham-by-Sea, West Sussex | £387,248 | 13.8% |
| 10 | Upminster, Essex | £552,561 | 13.7% |
Source: Zoopla, December 2016
