Value of UK housing stock went up by 7% in 2016, to £8.17tn

Value of UK housing stock went up by 7% in 2016, to £8.17tn

The average British property has increased in value by £56.67 a day in 2016, Zoopla has revealed.

The overall value of the UK’s 28.9 million homes has risen by more than 7% in 2016 to a total added value of £8.17tn, a new research has revealed.

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The year’s biggest winner is, according to Zoopla’s study, Diss, a market town in Norfolk with an increase of 16.2%.

Zoopla analysed all their price data between 1 January and 7 December 2016 and came to the conclusion that Britain’s housing stock now has got an overall value of £8,165,502,086,907. This is an increase of £559bn since January.

When it comes to regions, the report states that England’s East has experienced the biggest increase in property values (by 11.56%), with the West Midlands in second pace with a rise of 8.74%.

London, typically the leader of this chart, only came in third from the bottom this year with an increase of 5.12%.

Diss, this year’s report winner, was only one of many locations that became more and more popular with people who are looking to buy a bigger property than what they can afford in London, without having to entirely move away from the capital.

Leatherhead in Surrey came in second, with properties going up by 14.7%. Aberdeen claimed the questionable prize of “poorest performer” with prices falling by 2.83%.

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On a different note, the report also revealed that “outside space” was an important factor for Brits in 2016.

Zoopla’s keyword search figures for this year showed that “garden” is still ranked number one, whilst “garage” has moved up from three to two. “Parking”, however, experienced the biggest, moving up from eighth spot last year to number 4 in 2016.

Lawrence Hall, a spokesperson for the site, 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.”

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