Home owners benefited on average almost £57 a day from rising prices, according to analysis by Zoopla.
The portal says price rises in 2016 “weren’t too far from reality”, coming in at 7.35% on average, while predictions had ranged from zero to 6% growth.
At the start of 2016, Zoopla highlighted, Halifax was predicting increases of 4-6%, Hamptons forecast prices up 4.5% while RICS was more ambitious at 6%. Henry Pryor was slightly behind with a prediction of 4%.
Zoopla’s research found that homes in Britain have gained £19,348 in the past year and now stand at £325,575.
The East of England saw the biggest price rise, up 11.56% to £358,401, just ahead of the West Midlands which grew 8.74% to £220,993, while the South-East was up 8.44% to £411,736.
Growth in London was more modest at 5.12% to £680,593 while the worst performing region was the North of England, growing just 2.14% to £187,683.
The town of Diss in Norfolk was the biggest winner in 2016 in terms of price growth, up 16.2% to £305,896.
Aberdeen proved to be Britain’s worst-performing town with a price fall of 2.83% to £144,413.
Lawrence Hall, spokesman for Zoopla, said: “2016 has certainly been an historic year with the events of the last 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 figures show significant increases in property values of commuter towns; those around the capital feature heavily in the top performers list.
“Towns such as Leatherhead and Diss, which offer commuting times to London of less than an hour and 90 minutes respectively, have proved particularly desirable.”
If it is written on the internet it must be true? a basic maths check on these number say this is just rubbish and has not been checked for accuracy
(57×365)/0.0735 = £283061 not £323,575
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Funny! denial, anger, acceptance, get it right next time!
Mummy, mummy the mean man was unkind about my press release. I made Mr Hall look like a complete Charlie and he’s mad at me too.
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As usual excellent spot Robert!
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it wasn’t hard the numbers quoted bear no relation to anything I recognise. The transaction average for the UK is about £280,000 so I knew straight away this has been cobbled together by marketing people rather an an agent or anyone with any understanding of property prices.
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Just wot I said innit?
““As city centre living becomes increasingly less affordable, our figures show significant increases in property values of commuter towns;”
I think 2017 will attract even more buyers even further away from London. After all if you use t’internet and tut ’email for your daily business do you need to be in central London ? And every day?
As we see the growth of on line businesses such like Amazon and such the high street is becoming less attractive to retailers with high rents, rates and staff costs.
Accountants, solicitors, call centres, even share dealers can and do often work away from the city. The evolution of business is moving further and further away from the capital.
My money is on places like Nottingham, Coventry, Bristol even Ipswich and areas within 30 or even 50 miles of these cities showing huge growth over the next decade.
I work 120 or so miles from London and many buyers I sell property to often have 1 or 2 days in London to meet and greet but are back here working from their spare bedroom or converted shed.
I could be wrong, but the trend started two decades ago and it’s not showing any signs of flagging.
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120 miles in which direction, out of interest? We are a similar distance NW of planet London and certainly seeing plenty of interest from relocators from the capital.
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I’m west of. I moved out of Norff Landan abaht 18 years ago. Funnily enough I keep meeting buyers from close to where I was. innit !
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At the end of October 2015 the land registry transaction average price cleaned of all the errors and duplications was £266,025
At the end of October 2016 the land registry transaction average price cleaned of all the errors and duplications was £279,205
That is an increase of £13,180 equivalent to an increase of 4.95%
13,180 divided by 365 is £36.11
As the industry’s official “pseudo regulator” I hereby declare Hamptons as the winner! Halifax are disqualified for being too vague. Had they plumped for the average of the obvious power struggle within their office they would have won.
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I can’t help but wonder where else this nonsense will get published. The trouble is anywhere else and it gets believed because it come from Zoopla.
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Oh I don’t know, bet purple bricks could use something like this to spin a higher share price out it !
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the worrying thing is for a firm who hold themselves out to be the flag bearers of online valuation information to be so woefully wrong on this and have it hawked about the internet how on earth haven’t pulled it or corrected it?
Perhaps they hope it will go away, no-one will notice. Not only is Lawrence Hall made to look daft so is everyone who publishes it!
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Perhaps Zoopla would be good enough to confirm what their figures actually pertain to?
ASKING Price?
SELLING Price?
‘Zoopla Estimate’?
Or perhaps another, less recognised metric of “property values”?
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