Average property prices have risen by more than 250% in parts of England since 2000, and by as much as 365% in parts of London, according to a report released Tuesday from online estate agents HouseSimple.com.
Waltham Forest in northeast London has seen prices rise the most in the last 18 years, rocketing 364.9% from £93,975 at the start of the century to £436,859 (US$575,567) currently, the report said.
Its followed by Hackney, where prices have risen 339%; Lewisham, where prices are up 331.9%; and Southwark which has seen property values rise 326.5% since 2000.
Outside of the capital, the Essex seaside town of Southend-on-Sea—home to a 1.34 mile-long pier, the longest in the world—recorded the highest property growth as prices rose from an average of £71,879 in 2000 to £280,948 (US$370,281), an increase of 290.9%.
Southend-on-Sea was followed in price growth by Bristol, where prices rose 279.9% and Cambridge, which has seen prices rise 279.2%, according to the report.
Of the 19 towns in England that have logged price increases of at least 250%, the East of England is home to six of them, and the South East is home to five. Only two of the towns, Salford and Sale, are in the North of England.
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“While London is the clear winner when it comes to house price growth since the turn of the century, prices have boomed in many areas outside the capital as these figures attest,” said Sam Mitchell, CEO HouseSimple.com, in the report.
“What’s more impressive is that in the middle of this 18-year period, we experienced one of the worst recessions this country has ever seen. It shows the resilience of the U.K. property market,” Mr. Mitchell said.
“Today, the property price growth picture is entirely different. As London’s property market shows signs of running out of steam, we are seeing strong growth in the north of England. Eighteen years from now, the U.K.’s property hotspot landscape could well look entirely different,” he added.
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