The latest research by lettings and sale agent, Benham and Reeves, has revealed that London has seen the largest increase in house prices of all UK regions in the last decade, up 83% and a huge 308% since the turn of the Millennium.
The latest and last Land Registry house price index including data for 2019 has just been released shining a light on house price performance over the full year, the decade and last twenty years.
Benham and Reeves crunched the numbers to look at the average yearly house price and how this has changed over the last decade and the last two decades.
The numbers show that across the UK property prices are up some 43% in the last ten years, although growth this Millennium has already hit 197% despite a huge market correction during the financial crash in 2007.
London in the last decade
Over the last decade, Waltham Forest is the borough to have helped drive this price growth within the capital to the largest extent, with prices increasing by 111%. The City of London has also seen one of the largest increases in the last decade up 104%, along with Haringey (99%), Hackney (97%) and Lewisham (94%).
Believe it or not, Hammersmith and Fulham has seen the lowest rate of house price growth in the last ten years, with prices up just 65%. Tower Hamlets and Hounslow have also seen some of the lowest increases.
London since the turn of the Millennium
Hackney tops the table for price growth since the turn of the Millennium with an increase of 427%, with Waltham Forest again ranking high (415%) along with Newham (388%) and Lewisham (385%).
The UK in the 10 and 20 years
Over the last 10 years, Cambridge (79%) Hertsmere (79%), Three Rivers (77%), Bristol (77%) and Slough (76%) have topped the table for house price growth outside of London.
Manchester (355%), Thanet (347%), Thurrock (342%), Brighton and Hove (335%) and Southend (334%) have seen the largest increases in the last 20 years.
Marc von Grundherr, director of lettings and sale agent, Benham and Reeves, commented:
“For many of us, ringing in a new Millennium may seem like it was yesterday, but since then the UK property market has continued to go from strength to strength, registering some huge increases in value not just in London, but across the UK.
This comes despite a market crash that all but re-levelled the playing field and the substantial growth that has followed in the last decade alone is proof of the market’s resilience and tenacity.
This is accentuated within the boundaries of the capital where even the worst-performing boroughs have seen property values skyrocket.
When you consider this growth against the more recent Brexit blighted backdrop that many predicted would topple the market we are far from in trouble and, with a newly rejuvenated level of confidence since December’s election, the following decade should bring more of the same where property price growth is concerned.”
Primary level – nations |
Location |
2019 AveHP |
2009 AveHP |
1999 AveHP |
10 year change |
20 year change |
England |
ÂŁ247,400 |
ÂŁ166,559 |
ÂŁ70,071 |
49% |
253% |
Wales |
ÂŁ163,689 |
ÂŁ127,658 |
ÂŁ50,126 |
28% |
227% |
Scotland |
ÂŁ151,788 |
ÂŁ129,881 |
ÂŁ49,924 |
17% |
204% |
Northern Ireland |
ÂŁ138,129 |
ÂŁ141,384 |
ÂŁ62,048 |
-2% |
123% |
|
United Kingdom |
ÂŁ231,215 |
ÂŁ161,148 |
ÂŁ77,961 |
43% |
197% |
Secondary level – regions |
Location |
2019 AveHP |
2009 AveHP |
1999 AveHP |
10 year change |
20 year change |
London |
ÂŁ472,524 |
ÂŁ257,854 |
ÂŁ115,686 |
83% |
308% |
East of England |
ÂŁ290,928 |
ÂŁ177,386 |
ÂŁ76,768 |
64% |
279% |
East Midlands |
ÂŁ193,520 |
ÂŁ134,119 |
ÂŁ55,834 |
44% |
247% |
South West |
ÂŁ256,607 |
ÂŁ178,826 |
ÂŁ74,707 |
43% |
243% |
South East |
ÂŁ322,210 |
ÂŁ201,640 |
ÂŁ94,201 |
60% |
242% |
Yorkshire and The Humber |
ÂŁ163,844 |
ÂŁ129,734 |
ÂŁ49,490 |
26% |
231% |
North West |
ÂŁ164,571 |
ÂŁ130,121 |
ÂŁ50,145 |
26% |
228% |
West Midlands Region |
ÂŁ198,513 |
ÂŁ142,190 |
ÂŁ60,954 |
40% |
226% |
North East |
ÂŁ128,901 |
ÂŁ120,955 |
ÂŁ46,999 |
7% |
174% |
London boroughs |
Location |
2019 AveHP |
2009 AveHP |
1999 AveHP |
10 year change |
20 year change |
Hackney |
ÂŁ556,561 |
ÂŁ282,241 |
ÂŁ105,533 |
97% |
427% |
Waltham Forest |
ÂŁ431,537 |
ÂŁ204,935 |
ÂŁ83,822 |
111% |
415% |
Newham |
ÂŁ363,456 |
ÂŁ188,217 |
ÂŁ74,526 |
93% |
388% |
Lewisham |
ÂŁ410,350 |
ÂŁ211,308 |
ÂŁ84,695 |
94% |
385% |
Barking and Dagenham |
ÂŁ299,686 |
ÂŁ156,447 |
ÂŁ65,321 |
92% |
359% |
City of London |
ÂŁ783,417 |
ÂŁ383,418 |
ÂŁ171,300 |
104% |
357% |
Haringey |
ÂŁ548,829 |
ÂŁ276,214 |
ÂŁ120,083 |
99% |
357% |
Southwark |
ÂŁ498,672 |
ÂŁ261,151 |
ÂŁ110,268 |
91% |
352% |
City of Westminster |
ÂŁ956,750 |
ÂŁ532,097 |
ÂŁ214,043 |
80% |
347% |
Camden |
ÂŁ834,749 |
ÂŁ454,628 |
ÂŁ191,091 |
84% |
337% |
Lambeth |
ÂŁ508,349 |
ÂŁ267,337 |
ÂŁ116,616 |
90% |
336% |
Brent |
ÂŁ484,770 |
ÂŁ264,402 |
ÂŁ112,157 |
83% |
332% |
Greenwich |
ÂŁ391,560 |
ÂŁ210,323 |
ÂŁ90,879 |
86% |
331% |
Merton |
ÂŁ507,900 |
ÂŁ271,598 |
ÂŁ121,901 |
87% |
317% |
Islington |
ÂŁ631,679 |
ÂŁ345,284 |
ÂŁ155,590 |
83% |
306% |
Wandsworth |
ÂŁ588,820 |
ÂŁ340,373 |
ÂŁ145,340 |
73% |
305% |
Kensington And Chelsea |
ÂŁ1,256,713 |
ÂŁ705,188 |
ÂŁ311,455 |
78% |
303% |
Redbridge |
ÂŁ415,068 |
ÂŁ232,764 |
ÂŁ102,940 |
78% |
303% |
Havering |
ÂŁ364,713 |
ÂŁ205,962 |
ÂŁ92,889 |
77% |
293% |
Bexley |
ÂŁ338,058 |
ÂŁ189,051 |
ÂŁ86,778 |
79% |
290% |
Tower Hamlets |
ÂŁ438,332 |
ÂŁ258,248 |
ÂŁ113,035 |
70% |
288% |
Enfield |
ÂŁ394,057 |
ÂŁ221,993 |
ÂŁ101,987 |
78% |
286% |
Barnet |
ÂŁ520,386 |
ÂŁ299,103 |
ÂŁ136,005 |
74% |
283% |
Croydon |
ÂŁ365,763 |
ÂŁ203,706 |
ÂŁ97,173 |
80% |
276% |
Kingston upon Thames |
ÂŁ486,237 |
ÂŁ266,774 |
ÂŁ129,697 |
82% |
275% |
Ealing |
ÂŁ473,336 |
ÂŁ264,042 |
ÂŁ126,278 |
79% |
275% |
Hillingdon |
ÂŁ405,173 |
ÂŁ228,276 |
ÂŁ108,925 |
77% |
272% |
Sutton |
ÂŁ373,196 |
ÂŁ212,118 |
ÂŁ100,870 |
76% |
270% |
Bromley |
ÂŁ438,406 |
ÂŁ249,909 |
ÂŁ120,874 |
75% |
263% |
Hammersmith and Fulham |
ÂŁ718,439 |
ÂŁ435,456 |
ÂŁ198,901 |
65% |
261% |
Hounslow |
ÂŁ402,167 |
ÂŁ236,243 |
ÂŁ112,074 |
70% |
259% |
Richmond upon Thames |
ÂŁ650,883 |
ÂŁ369,390 |
ÂŁ181,772 |
76% |
258% |
Harrow |
ÂŁ449,686 |
ÂŁ263,036 |
ÂŁ126,688 |
71% |
255% |
Best areas for 10 year growth outside of London |
Location |
2019 AveHP |
2009 AveHP |
10 year change |
Cambridge |
ÂŁ435,409 |
ÂŁ242,741 |
79% |
Hertsmere |
ÂŁ462,457 |
ÂŁ257,956 |
79% |
Three Rivers |
ÂŁ514,591 |
ÂŁ289,942 |
77% |
City of Bristol |
ÂŁ280,437 |
ÂŁ158,796 |
77% |
Slough |
ÂŁ296,956 |
ÂŁ168,343 |
76% |
Harlow |
ÂŁ273,824 |
ÂŁ156,433 |
75% |
Watford |
ÂŁ347,013 |
ÂŁ198,681 |
75% |
St Albans |
ÂŁ506,036 |
ÂŁ289,965 |
75% |
Welwyn Hatfield |
ÂŁ391,313 |
ÂŁ224,325 |
74% |
Southend-on-Sea |
ÂŁ285,440 |
ÂŁ163,819 |
74% |
Best areas for 20 year growth outside of London |
Location |
2019 AveHP |
1999 AveHP |
20 year change |
Manchester |
ÂŁ181,071 |
ÂŁ39,835 |
355% |
Thanet |
ÂŁ236,991 |
ÂŁ53,005 |
347% |
Thurrock |
ÂŁ267,574 |
ÂŁ60,514 |
342% |
Brighton and Hove |
ÂŁ364,493 |
ÂŁ83,851 |
335% |
Southend-on-Sea |
ÂŁ285,440 |
ÂŁ65,811 |
334% |
City of Bristol |
ÂŁ280,437 |
ÂŁ65,352 |
329% |
Hastings |
ÂŁ214,199 |
ÂŁ50,073 |
328% |
Basildon |
ÂŁ306,297 |
ÂŁ72,183 |
324% |
Rochford |
ÂŁ349,442 |
ÂŁ83,248 |
320% |
Corby |
ÂŁ185,821 |
ÂŁ45,211 |
311% |