Although the figure provided by Zoopla is an estimate, they still believe that the UK property market has increased since 2015 by 7.35 percent, reflecting a growth in house prices over 2016.
British property: 2016 in numbers: https://t.co/THQgJuGamj pic.twitter.com/oS9uOsGDMB
— Zoopla (@Zoopla) 20 December 2016
As a housing shortage in parts of the country drives property values up further, defying fears over the Leave vote in the 23 June referendum on EU membership, a spokesperson for Zoopla said that 2016 certainly has been a historic year but the property market remains resilient.
"With the events of the past six months giving rise to potential political uncertainty, however, the property market remains resilient and property values across Britain have continued to grow," a Zoopla spokesperson said in a recent interview.
British property: 2016 in numbers https://t.co/THQgJuGamj pic.twitter.com/fOtpy1KLPX
— Zoopla (@Zoopla) 22 December 2016
The Zoopla data also revealed that the East of England was the region that had seen the largest increase in house prices since January 2016.
The average price had risen 11.56% over that period to approximately US$440,000.
Prices in London were at their highest and had seen the most rapid growth in recent years, having slipped to ninth place due to first time buyers not being able to afford to purchase. The city's average price grew by 5.12 percent to US$700,000.
"As city center living becomes increasingly less affordable, our data shows significant increases in property values in popular commuter towns," Hall said.
2016 certainly has been a year of change; however the property market seems stronger than ever. We are yet to see what the next 12 months will bring, however with the UK Chancellor, Philip Hammond investing US$1.7 billion on delivering 40,000 affordable homes, it seems that the hype around property has not diminished and looks likely to grow in the coming new year.
