UK property prices: Average cost of house has risen by 300 pc to over £680,000 in two decades – Savills
The average house price in the UK has risen by 300 per cent and is now almost £200,000 higher than it was 20 years ago, according to upmarket estate agent Savills.
The country's most expensive areas have seen an even steeper 538 per cent increase in the average house price from £108,032 to £689,649, found Savills in an analysis of the top five per cent of wards.
In what will come as no surprise to anyone struggling to get on the property ladder in the capital, central London has seen the biggest rises in house prices.
Areas that have seen "substantial gentrification" such as Dalston, Stoke Newington, Queens Park and Kensal Green are also amongst the 20 biggest risers according to Savills' head of UK residential research Lucian Cook.
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"The twenty biggest risers are dominated by central London markets, though they also include some areas that have seen substantial gentrification over the period," explained Cook.
"Looking at the top thirty performers outside London, Brighton and Hove, North Oxford and Cambridge all feature prominently, as well as a few coastal markets in Norfolk and Cornwall and prime commuter wards such as Harpenden South, Denham North and Luffield Abbey.
“At the other end of the scale, areas that have seen the smallest growth contain a number of wards in Blackpool and Middlesbrough.”
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However, despite the staggering house price increases in London prices over the last two decades, there are signs of a slowdown in the capital – even for prime central locations which have been hit by higher stamp duty bills.