Finance

Where have house prices rocketed 400% since the Millennium?

London house prices have risen 83% in the past decade and a huge 308% since the turn of the Millennium.

Rozi Jones
|
21st February 2020
House Price Up
"This comes despite a market crash that all but re-levelled the playing field"

New research has revealed the UK property pockets where house prices have soared by 400% in two decades and by 100% in the last decade alone.

The data from lettings and sale agent, Benham and Reeves, shows 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 Land Registry house price index shows that across the UK property prices are up 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.

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%).

Hammersmith and Fulham has seen the lowest rate of house price growth in the last ten years, with prices up 65%.

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%).

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 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.”

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