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With the latest and last Land Registry house price index including data for 2019 now released, the last decade has seen some huge property price rises.
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 per cent and a huge 308 per cent since the turn of the Millennium.
Waltham Forest is the borough to have helped drive this price growth within the capital to the largest extent, with prices increasing by 111 per cent. The City of London has also seen one of the largest increases in the last decade up 104 per cent, along with Haringey (99 per cent), Hackney (97 per cent) and Lewisham (94 per cent).
Hammersmith and Fulham has seen the lowest rate of house price growth in the last decade, with prices up just 65 per cent. Tower Hamlets and Hounslow have also seen some of the lowest increases.
London since the turn of the Millennium
Hackney tops the table for price growth since the turn of the Millennium with an increase of 427 per cent, with Waltham Forest again ranking high (415 per cent) along with Newham (388 per cent) and Lewisham (385 per cent).
The UK in the 10 and 20 years
Over the last decade, Cambridge (79 per cent) Hertsmere (79 per cent), Three Rivers (77 per cent), Bristol (77 per cent) and Slough (76 per cent) have topped the table for house price growth outside of London.
Manchester (355 per cent), Thanet (347 per cent), Thurrock (342 per cent), Brighton and Hove (335 per cent) and Southend (334 per cent) have seen the largest increases in the last 20 years.
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.’
He concluded: ‘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.’