It’s official: the UK property hotspot of 2018 is the town on Ryde, on the Isle of Wight, where house prices have gone up by over 10%.
According to property website Zoopla, Ryde was the town where average property values rose the most. The average house costs £242,016, and the 10.24% rise added £22,500 to the cost of buying one. Zoopla figures showed that the value of the average UK home increased by a much lower £2,860.
Next to Ryde, the biggest property value rises occurred in Smethwick, near Birmingham, where property prices increased by 9.67% to an average of £163,627, and Diss, in Norfolk, where homes were up 7.89%.
Overall, house price inflation in the UK has subsided in 2018, making it the first year in which the cost of buying a home has not exceeded wages since 2012.
Zoopla indicated that property value rises averaged 1.02%, but there were variations across the UK. Property values in Scotland rose by 6.43% and by 3.98% in Wales. In England, the rise was a marginal 0.58%.
Zoopla said that the property value rises had come during fears over Brexit, which is affecting London and the commuter belt in particular. Buyers in London and the South East are also struggling to afford homes with near-record high prices.