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TODAY'S OTHER NEWS

Revealed: The areas where house prices have risen the most over the past decade

Despite the slowdown in the UK housing market in recent years, caused in part by the Brexit vote which fuelled uncertainty in the sector, there have seen pockets of soaring house price growth across many parts of the country over the last 10 years. 

New analysis of Land Registry data by modular housing developer Project Eropia has identified the areas where property prices have increased the most since 2010, with London leading the way. 

The research found that the 10 areas where property values have risen the most in percentage terms in the past decade are all located in the capital. 

The 10 best-performing boroughs over the past 10 years are Waltham Forest, Hackney, Lewisham, Haringey, Southwark, Newham, Barking and Dagenham, Brent, Lambeth, and Merton.

Average house price changes in London

Name

Average price at start of the decade (Jan 2010)

Average price at end of the decade (Oct 2019)

Change

Waltham Forest

£214,784

£424,655

97.7%

Hackney

£295,824

£577,480

95.2%

Lewisham

£221,052

£420,352

90.2%

Haringey

£295,080

£550,361

86.5%

Southwark

£274,108

£506,827

84.9%

Newham

£194,632

£357,633

83.7%

Barking and Dagenham

£162,905

£299,314

83.7%

Brent

£273,218

£501,302

83.5%

Lambeth

£285,833

£515,856

80.5%

Merton

£286,200

£516,101

80.3%

Looking beyond London, Thurrock in Essex tops the table for the biggest increase in house prices in the UK this decade, rising by 76.2%, from £156,741 to £276,164. 

Three Rivers and Watford, Hertfordshire, were not far behind with 75.2% and 74.3% increases respectively. 

Comparison between the average property prices at the start and end of this decade show increases in value of up to 76.2% over the last 10 years. On average, prices have risen by 38.8% in the UK, excluding London.

The 10 areas where house prices have risen the most over the decade (excluding London):

Name

Average price at start of the decade (Jan 2010)

Average price at end of the decade (Oct 2019)

Change (%)

Thurrock

£156,741

£276,164

76.2%

Three Rivers

£307,791

£539,183

75.2%

Watford

£201,174

£350,614

74.3%

Bristol

£168,050

£291,708

73.6%

Harlow

£161,440

£278,889

72.8%

Dartford

£174,465

£297,708

70.6%

Corby

£109,317

£186,205

70.3%

Hertsmere

£270,495

£460,526

70.3%

Southend-on-Sea

£171,011

£290,592

69.9%

Broxbourne

£209,605

£355,800

69.7%

Only three parts of the country, all in the north of England, saw prices decrease, dropping by 7.8% in Hartlepool, 1% in Redcar and Cleveland and 0.4% in Blackpool. 

The 10 areas where house prices grew the least in a decade (excluding London):

Name

Average price at start of the decade (Jan 2010)

Average price at end of the decade (Oct 2019)

Change

Hartlepool

£115,350

£106,381

-7.8%

Redcar and Cleveland

£121,665

£120,489

-1.0%

Blackpool

£105,696

£105,322

-0.4%

Middlesbrough

£113,339

£113,549

0.2%

County Durham

£107,183

£107,554

0.3%

Northumberland

£147,251

£152,128

3.3%

Sunderland

£111,665

£115,907

3.8%

Carlisle

£129,540

£135,175

4.4%

Preston

£124,519

£130,013

4.4%

Ceredigion

£173,536

£182,196

5.0%

Joseph Daniels, CEO of Project Etopia, said: “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.”

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