Average property prices up more than 300% in many parts of England since 2000

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Average property prices up more than 300% in many parts of England since 2000

Waltham Forest in London has seen prices rise the most in England since 2000 with Southend on Sea recording the highest growth outside of the capital city, new research shows.

Prices have increased by 364.9% in the borough of Waltham Forest in London with eight borough seeing growth above 300% in the last 18 years, according to the analysis of land registry figures by online estate agents HouseSimple.

Outside of London some 19 towns and cities have seen prices rise above 250%, led by Southend on Sea at 290.9% with average prices up from £71,879 to £280,948, followed by Bristol with a rise of 279.9% from £71,973 to £273,393 and Cambridge up 279.2% from £118,216 to £448,243.

Four of the top performing town and cities are in the East of England and only two, Salford and Sale are in the North of England with a price rise of 269.5% and 266.4% respectively, to an average of £156,190 and £279,776.

Other cities with strong growth include Luton with a rise of 276.7%, Basildon up 274.7%, Corby up 270.2%, Hastings up 268.9%, Leicester up 268.7%, Brighton up 265.2%, Lincoln up 262.8%, Exeter up 258.8%, Milton Keynes up 256.9%, Chelmsford up 255.7%, Norwich up 255.2%, Canterbury up 255%, Slough up 254.8% and Coventry up 252.8%.

In London the average price is now £436,859 in Waltham Forest, up 364.9% from £93,975 in January 2000 with Hackney seeing the second biggest rise in London at 339%, up from £121,135 to £531,788.

Lewisham has seen average prices rise by 331.9% from £95,725 to £413,413, followed by a rise of 326.5% in Southwark from £121,970 to £520,217 and a rise of 318.8% in Westminster from £241,773 to £1,012,444.

The other top growth in London was a rise of 318.7% in Newham from £83,861 to £351,114, a rise of 309.5% in Barking and Dagenham from £71,097 to £291,159 and a rise of 308.5% in Haringey from £136,422 to £557,234.

‘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,’ said Sam Mitchell, chief executive officer of HouseSimple.

‘During this period, London property prices stabilised thanks to an inflow of foreign investment, and then started to rise again 18 months after the height of the credit crunch. However, that wasn’t the case across large swathes of the country, where the recovery process was far more protracted,’ he pointed out.

‘Today, the property price growth picture is entirely different. As London’s property market shows signs of running out of steam, we are seeing strong growth in the north of England. Some 18 years from now, the UK’s property hotspot landscape could well look entirely different,’ he added.

Source: www.propertywire.com