Average home value rises by £44 a day

The West Midlands is one of the highest performing regions in the country.

In total, Britain's property market is now worth an estimated £8.3 trillion - having increased by £114 billion during the first quarter of this year, Zoopla found.

The total national rise equates to an increase in value of £3,917 for the average home between the start of January and the end of March - or around £44 per day.

The growth in property values seen in early 2018 is in contrast to the same period in 2017, when the property market shrank by £29 billion, Zoopla said.

The region with the strongest percentage growth in property values during the first quarter of 2018 was the North West of England, which saw average values rise by 1.85 per cent or £3,552.

The East Midlands and Yorkshire and the Humber closely followed as both saw growth of 1.58 per cent, equating to £3,357 and £2,750 respectively.

The West Midlands was the fourth highest performing region, with a growth of 1.55 per cent, equating to £3,477.

At the other end of the spectrum, Wales saw values increase by 0.11 per cent or £203 - a contrast to the first quarter in 2017 when it was the only area to see growth, at 0.4 per cent.

Scotland followed, with modest growth of 0.17 per cent or £331, with the South West seeing the third slowest growth at 1.38 per cent or £4,162.

Sidcup in Kent was identified as the best-performing place in the first quarter of 2018, with property prices rising by an average of by £11,761 (2.89 per cent).

Immingham in North East Lincolnshire was identified as the weakest performer in the first quarter of 2018 as values fell by 1.72 per cent (£2,097) on average.

Other poor performing towns include Esher in Surrey, Ripon in North Yorkshire and Edgware in London.

Nowhere in the West Midlands featured in the top 10 worst towns.

Lawrence Hall, a spokesman for Zoopla, said: "Home owners may be relieved to see that the market has had a more positive start to 2018 than 2017."