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How Much Has Your Property Price Changed in the Last Decade?
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Residential property prices in Kensington and Chelsea have increased by 88% in the last ten years, representing the fastest price growth of any part of the country.
How Much Has Your Property Price Changed in the Last Decade?
Contrastingly, house prices in Durham dropped 41% in the same period, a new map by estate agent Savills has found.
International investors’ attraction to London alongside high demand and 23% job growth in the past three years has pushed prices to new highs, far above the peak of 2007.
However, in most parts of the UK, property values are still below the record highs observed in the last boom, indicating a slow economic recovery for some northern towns.
Data from the Land Registry reveals that house price growth in England and Wales slowed in May, with no average price rises in the month.
The average price in May was £179,696, close to April’s £179,817 and just above March’s £178,007. The annual growth rate was 4.6% in England and Wales, the lowest rate for 15 months.
Despite London’s stalling market in the last six months, the capital still boasts the strongest annual price growth of any region.
Chief Economist at IHS Global Insight, Howard Archer, comments: “We suspect that housing market activity will continue to improve amid generally supportive fundamentals and reduced uncertainty following the general election.
“Meanwhile, a shortage of properties coming onto the market is currently exerting increasing upward pressure on house prices.
“Nevertheless, the upside for housing market activity and prices is expected to be constrained by more stretched house prices-to-earnings ratios, tighter checking of prospective mortgage borrowers by lenders and the likelihood that interest rates will start rising gradually from the first quarter of 2016.”1
Use Savills map to work out how much the average house price has increased in the last ten years where you live: https://savills.cartodb.com/viz/f7961954-a7b2-11e4-90c2-0e4fddd5de28/public_map
