According analysis of Land Registry data, Thurrock, Essex, has seen the largest increase in house prices this decade. Comparison between the average house prices at the start and end of this decade show increases in value of up to 76.2% from £156,741 to £276,164. Three Rivers and Watford, Hertfordshire, were not far behind with 75.2% and 74.3% rises respectively.
Only three parts of the country, all in the north of England, saw prices decrease, falling by 7.8% in Hartlepool, 1% in Redcar and Cleveland and 0.4% in Blackpool.
Joseph Daniels, CEO of Project Etopia, commented: “The staggering extremes of some of these house price increases this decade, topping 76% in 10 years, means owning a home remains an unachievable dream for many.
In Three Rivers, for instance, buyers would now need mortgages of close to half a million pounds to buy an average home, leaving many properties out of reach for average earners.
Healthy appreciation will be welcomed by many homeowners but for the wider country this is a totally unsustainable situation. The UK must accelerate house building to increase supply over the next decade and temper Britain’s affordability problems. Only Modern Methods of Construction can deliver new homes fast enough to meet the demand and ensure ordinary hard-working people can afford to buy property right across the UK.”
