The latest research by lettings and sale agent, Benham and Reeves, has revealed that London has seen the largest increase in house prices of all UK regions in the last decade, up 83% and a huge 308% since the turn of the Millennium.
The latest and last Land Registry house price index including data for 2019 has just been released shining a light on house price performance over the full year, the decade and last twenty years.
Benham and Reeves crunched the numbers to look at the average yearly house price and how this has changed over the last decade and the last two decades.
The numbers show that across the UK property prices are up some 43% in the last ten years, although growth this Millennium has already hit 197% despite a huge market correction during the financial crash in 2007.
Over the last decade, Waltham Forest is the borough to have helped drive this price growth within the capital to the largest extent, with prices increasing by 111%.
The City of London has also seen one of the largest increases in the last decade up 104%, along with Haringey (99%), Hackney (97%) and Lewisham (94%).
Believe it or not, Hammersmith and Fulham has seen the lowest rate of house price growth in the last ten years, with prices up just 65%. Tower Hamlets and Hounslow have also seen some of the lowest increases.
Hackney tops the table for price growth since the turn of the Millennium with an increase of 427%, with Waltham Forest again ranking high (415%) along with Newham (388%) and Lewisham (385%).
Marc von Grundherr, director of lettings and sale agent, Benham and Reeves, commented “For many of us, ringing in a new Millennium may seem like it was yesterday, but since then the UK property market has continued to go from strength to strength, registering some huge increases in value not just in London, but across the UK.
“This comes despite a market crash that all but re-levelled the playing field and the substantial growth that has followed in the last decade alone is proof of the market’s resilience and tenacity.
“This is accentuated within the boundaries of the capital where even the worst-performing boroughs have seen property values skyrocket.
“When you consider this growth against the more recent Brexit blighted backdrop that many predicted would topple the market we are far from in trouble and, with a newly rejuvenated level of confidence since December’s election, the following decade should bring more of the same where property price growth is concerned.”