As the Queen’s Platinum Jubilee arrives, market analysis from estate agent comparison site, GetAgent.co.uk, reveals that house prices in the UK have increased by as much as 123% in the decade since the Diamond Jubilee in 2012.
At the time of the Queen’s 2012 Diamond Jubilee, the UK’s average house price was £165,947. Now, in the Platinum Jubilee year, the average price is £278,436, marking a decade increase of £112,489, or 68%. On a national level, England has seen the biggest increase at 71%.
The biggest regional increase has been reported in the East of England, where the average house price has risen from £189,084 in 2012 to £343,900 in 2022, an increase of 82%.
London’s prices have increased by 80%, in the South East they’ve gone up by 76%, and in the East Midlands, they’re up 75%.
The smallest regional increases have been reported in the North East (33%), Scotland (45%), and Yorkshire & Humber (55%).
But where’s seen the best performance at a local level?
The biggest Jubilee rise in house prices has been seen in Waltham Forest, London, where they’ve increased from £224,065 in 2012 to £499,051 in 2022, an increase of £274,986 or 123%.
Some of the other biggest increases have come in Thanet (118%), Barking & Dagenham (108%), Dover (108%), and Hackney (100%).
Hastings (99%), Bexley (99%), Harlow (97%) Medway (95%) and Bristol (95%) also make the top 10 areas to have enjoyed the highest rates of house price growth since the Diamond Jubilee celebrations.
In terms of the smallest house price increases, Scotland and North England are dominant. The City of Aberdeen has actually reported a -9.5% price drop since 2012, from £157,732 to £142,804, while Inverclyde (16%), Aberdeenshire (17%), Country Durham (26%), and Angus (27%) all report low levels of growth.
Founder and CEO of GetAgent.co.uk, Colby Short, commented:
“An awful lot has changed in the UK since 2012: three general elections, a Brexit referendum, and a global pandemic. Through all of this, the housing market has remained steadfast and prices have kept rising. A 70% national increase is extraordinary but it’s worth remembering that around 10% of this growth has come as a result of the pandemic-inspired boom of the last two years.
“It will be interesting to see how the market reacts now in the face of economic instability and if in 10 years time we’ll have witnessed a similar rate of upward house price growth.”