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House Prices: What a difference a decade makes

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The figures are in from Rightmove, and we can now see which locations in the UK have seen the biggest – and smallest – increase in average house prices over the last decade.

So if you’re looking to invest in an area, there may be some helpful information below to consider.

First of all, let’s look at London.

London calling

The following figures from Rightmove show the average asking price in September 2020 and the percentage change since September 2010.

In London it appears that Walthamstow (£503,651, 117%), Peckham (£555,699, 107%) and Tottenham (£465,902, 106%) are the top three areas of increase.

These are followed by Forest Gate, Elephant and Castle, Deptford, Hackney, West Norwood, Leyton and Stratford, which have also seen the greatest increase in house prices over the last decade.

The top three areas with the smallest increase over the last ten years are: Victoria (£1,272,534, 12%), Chiswick (£979,533, 12%) and Notting Hill (£1,194,792, 24%).

The others with the lowest increase are Knightsbridge (which has the highest average house price of £3,743,762), Bayswater, Highgate, Kensington, Chelsea, East Sheen and Hampstead.

Beyond to Bristol

Looking outside of London, the top three areas of increase in the UK are Easton, Bristol (£283,397, 120%); Swanscombe, Kent (£327,106, 106%); and Whitehall, Bristol (£295,574, 102%).

The rest of the top ten goes: Tilbury, Essex; Totterdown, Bristol; Eastville, Bristol; Arnos Vale, Bristol; Redcliffe, Bristol; Vange, Essex; and Stone, Kent.

As you can see, Bristol appears to be at the forefront.

With a number of large tech companies, two leading universities, excellent schools, good transport links, lots of green spaces and a large mix of housing stock, it’s no wonder demand for property in this cosmopolitan city is growing stronger than ever.

Known for its quality of life and diverse culture, perhaps it is drawing over Londoners with its similar feel but more affordable house prices?

And with generally more access to outside green space compared to London, Bristol will certainly look more appealing since the coronavirus pandemic made considerable changes to people’s lives and priorities.

Regional differences

Finally, let’s look at the regional average asking prices and the ten-year percentage increase since 2010.

Unsurprisingly London is still leading the increase with 62% as a whole, and an average asking price of £633,269.

London is followed by the East of England (£363,521, 48%), East Midlands (£242,555, 40%) and the South East (£417,918, 43%).

Even with Bristol, the South West appears to be lagging behind slightly with a 35% increase (£322,434).

The regions with the lowest increase of average property prices are the North West (£212,977, 26%), Wales (£212,382, 26%), Scotland (£168,272, 21%) and the North East (£162,955, 11%).