Posted on Monday, July 9, 2018
We’ve all heard about just how great an investment property is, but new research has shed some light on the staggering growth in property prices throughout the UK since the year 2000.
A study that aimed to find the highest growth in house prices since the turn of the century has discovered a number of cities and towns that have experienced growth by more than 250%.
Based on data from the Land Registry that was analysed by HouseSimple.com, house prices in Waltham Forest have risen the most since the new millennium. Homes in this area are valued at £436,859 which is a massive 364.9% more than they were 18 years ago.
Similar figures were seen all over London with eight areas in total breaking the 300% mark, such as Lewisham (331.9%) Southwark (326.5%) and Westminster (318.8%).
The closest runner-up outside of London was Southend on Sea with a 290.9% increase in property prices over the 18-year period and house prices now standing at an average of £280,984.
In total, there were 19 towns and cities not located in the capital that saw a growth of 250% or more since the year 2000. These include Luton (276.7%), Basildon (274.7) and Corby (270.2%) which were all among the top performers.
It appears that prices grow the further south you go as Salford and Sale – both within Greater Manchester - were the only two areas located in the north, that managed to break the 250% mark.
CEO of HouseSimple – Sam Mitchell - spoke on the findings of their research, he said; “While London is the clear winner when it comes to house price growth since the turn of the century, prices have boomed in many areas outside the capital as these figures attest. What’s more impressive is that in the middle of this 18-year period, we experienced one of the worst recessions this country has ever seen. It shows the resilience of the UK property market.”