Home Residential Property The UK areas which have seen the biggest rises in average property prices

The UK areas which have seen the biggest rises in average property prices

by Deleted Subscriber Content
21st Jun 17 12:20 pm

Take a look

UK homeowners have seen the value of their homes increase by more than 40% and almost £60,000 over the past eight years, as they’ve benefitted from a “once-in-a-generation” record low interest rate environment.

According to research carried out by online estate agents HouseSimple.com, average UK property prices have risen 41.2% since the Bank of England dropped interest rates to 0.5% in March 2009, and then dropped them further to 0.25% in August 2016. Average prices in Cambridge have almost doubled since March 2009, while average London prices have broken through the £500,000 ceiling.

But this golden period of house price growth could be drawing to an end. With three members of the Bank of England’s Monetary Policy Committee (MPC) voting for an interest rate rise in June, and inflation steadily rising, we could be close to the first rate rise in almost 100 months.

The following table shows the UK towns and cities that have seen the biggest rises in average property prices since interest rates fell to 0.5% in March 2009:

Town/City Region Average Property Price – March 2009 (£) Average Property Price – April 2017 (£) % Increase in property price
Cambridge East 224,469 441,527 96.7
London South East 278,186 530,751 90.8
Slough South East 160,774 305,649 90.1
Oxford South East 228,586 415,843 81.9
Watford East 200,219 360,396 80.0
Milton Keynes South East 147,903 262,241 77.3
Hemel Hempstead East 230,686 406,312 76.1
Luton South East 132,001 231,315 75.2
Brighton South East 202,564 353,195 74.4
Crawley South East 158,285 273,517 72.8
Stevenage South East 160,350 276,201 72.2
Guildford South East 261,614 444,232 69.8
Reading South East 177,688 301,443 69.6
Colchester East 149,654 253,618 69.5
Woking South East 244,218 411,303 68.4

 

Leave a Comment

CLOSE AD