St Albans property price growth well below national average during 2017

Slow growth: Prices rose by just 1.35 per cent in St Albans during 2017 (Picture credit: Danny Loo)

Slow growth: Prices rose by just 1.35 per cent in St Albans during 2017 (Picture credit: Danny Loo) - Credit: Archant

The British residential property market is now valued at a total of £8.29 trillion – up 3.5 per cent (£280 billion) since the start of 2017, new research has revealed.

According to Zoopla data, this rise equates to an increase in value of £9,652 for the average British home during 2017, with each property going up by £28 per day.

But in St Albans, prices rose by just 1.35 per cent (£8,071) during 2017 to an average of £604,270.

Growth elsewhere in Herts was similarly slow - prices were up by 0.97 per cent (£4,255) in Hatfield to £444,102, 1.07 per cent (£3,321) in Stevenage to £313,424 and 1.71 per cent (£6,991) in Welwyn Garden City to £414,927.

Letchworth Garden City had the highest rises in Herts however, coming tenth on Zoopla’s property price growth list with a 9.79 per cent increase in value to £390,384.

Regionally, prices in Scotland have increased the most over the past year, going up by 8.44 per cent to an average of £191,915, followed by the East Midlands (5.82 per cent). The lowest growth was in the North East (-0.35 per cent) followed by London (0.73 per cent). The East of England was in fourth place with increases of 4.42 per cent.

Lawrence Hall, spokesperson for Zoopla, said: “2017 has been an unpredictable and varied year for the British property market, with continued uncertainty surrounding Brexit, the triggering of Article 50 in March and a hard-fought general election in June.

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“However, the value of housing has proved its resilience in the face of political ambiguity, finishing the year with a solid 3.5 per cent rise – though down year-on-year from the 7.25 per cent growth rate seen in 2016.”

He added: “Though good news for homeowners, this continued growth does pose ongoing affordability challenges to those trying to get their foot on the first rung of the property ladder. Recent stamp duty reforms may go some way to help, but there’s more to be done in 2018 to improve the picture for first-time buyers.”