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THE housing market has recovered all the value lost in the credit crunch
The total value of property in Britain was less than £5.5trillion at the lowest point of the economic downturn in December 2008.
But in a stunning reverse which shows the resilience of the property market, it is now £7.93trillion.
Just last year values rose by more than £9billion a month, a 1.44 per cent annual rise, while total values soared by £113billion over 2016, according to figures from website Zoopla.
Analysis of the latest quarterly data found that values across England, Scotland and Wales are higher than a year ago.
In Wales, prices have increased over the last three months by 0.4 per cent.
Tredegar in South Wales was identified as Britain’s biggest property hotspot, with a 1.83 per cent jump in values.
Nearby Ebbw Vale has recorded a hike of 1.63 per cent since the start of the year.
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In Wales, prices have increased over the last three months by 0.4 per cent
Leominster in Herefordshire, Broadstairs in Kent, Godalming in Surrey, Chepstow in Monmouthshire, Ossett in West Yorkshire, Brixham in Devon and Dunmow in Essex all added value, with increases of between 1.74 and 1.43 per cent.
We have seen a historic 12 months
Livingston in West Lothian led the way in Scotland with average prices growing by 0.67 per cent.
But Bridport in Dorset saw the biggest decline in property values over the past three months, with a 2.06 per cent drop.
Parts of London and the surrounding commuter belt were also among the areas to see the biggest declines in property values since the start of the year, including Morden, Northwood and Waltham Cross.
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Property values across England have slipped back by 0.41 per cent over the past three months
The average value of a home in Tredegar is £102,062, while an average home in Bridport is valued more than three times higher at £325,380, according to Zoopla’s figures.
Zoopla spokesman Lawrence Hall said: “We have seen a historic 12 months with the events giving rise to potential political uncertainty.
“However, the property market remains resilient and property values across Britain have continued to grow. We have seen a small fall in house price growth for the first quarter of this year, but annually prices across Britain are up 1.44 per cent.
“The softening in values and continued low mortgage rates are positive news for first-time buyers trying to get on to the property ladder.
“These prospective homeowners will be pleased to see a decrease in overall property values as seemingly unstoppable growth has pushed many areas out of reach in the past year.
“It’s also encouraging to see the resilience of the Welsh property market which in the past has often lagged behind England and Scotland.”
Property values across England have slipped back by 0.41 per cent over the past three months, while values in Scotland have edged down by 0.08 per cent.
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Godalming in Surrey which has seen house prices go up
Although homes across Britain have soared in value, the traditional winter slowdown has seen £29billion shaved off their total value since the start of the year.
The fall, seen between the start of January and the end of March, equates to a decrease of £1,004 in the average value of a home over the three-month period or a decline of £11.15 per day in its value.
According to Zoopla, the website keyword search for “garden” is the most popular term.
However, “garage” has risen from third to second place.
The biggest mover was “parking” which soared from the eighth to the fourth most popular search term when compared to this time last year.
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