House prices: UK properties up as much £100k compared to last year – is your area one?

Martin Roberts discusses the rise in house prices

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

Despite the ongoing financial impacts of the Covid pandemic, homes within the British Isles continued to rise in value during 2021. According to the latest figures, southeast England is the UK geographical region which has witnessed the largest average increase in price. So, what exactly has the data revealed? How much did your house reportedly rise up in value over the past year?

Research conducted by Henry Dannell – a leading specialist in bespoke mortgage solutions – revealed that the average UK homeowner has seen an £18,000 uplift in the value of their home since this time last year.

In fact, the top four best-performing regions all enjoyed average home evaluations increasing by more than £20,000.

These areas include southeast England, East of England, Wales and southwest England.

The area which came out on top was southeast England, which reported an average growth of £25,747.

The data used within the research was taken between January and November 2021.

Out of the four nations which make up the UK, Wales reported the highest average growth in house prices – rising from £182,059 to £203,224 to give an increase of £21,165.

Meanwhile, Northern Ireland saw the lowest change in home values, with a growth rate worth £10,025.

England came in at second place, with house prices here rising by £17,892, while in Scotland the average cost of buying a property went up by £16,404.

Traditionally, London has enjoyed the sharpest rises in property prices, however, the results from this study have shown that the capital’s property market has stuttered somewhat in the past 12 months.

In fact, London witnessed the lowest rate of house price growth in percentage terms compared to other areas.

Overall, the price of houses sold in London increased by 3.3 percent over the last year.

Regardless, the higher value of London property means that in terms of monetary increase, the capital still ranks mid-table, having enjoyed a rise of £16,469.

DON’T MISS:
Dr Clive Dix urges UK to treat Covid like a ‘normal endemic disease’ [OPINION]
Migrant smugglers take to the skies to avoid Channel [NEWS]
Euro crisis: Britons cheer Brexit win as inflation skyrockets in bloc [ANALYSIS]

Figures from this study also demonstrated that the highest jump in property prices in the UK was seen in the London borough of Kensington and Chelsea.

In this area, the average value of a property grew from £1,324,266 to £1,425,437, which provides a growth rate of £101,171.

Three more boroughs within the capital saw average property evaluations rise by more than £75,000 in 2021.

Hammersmith and Fulham (£95,522), Richmond upon Thames (£85,862) and City of Westminster (£75,972) are the boroughs which fall into this category.

Nonetheless, there are five boroughs in which house prices have fallen. The biggest decline has been seen in Tower Hamlets, where prices have dropped by -£45,354 over the course of the year.

Commenting on the results company director, Geoff Garrett said: “Not a bad day’s work for the average UK homeowner, who is now £18,000 better off than this time last year where the value of their bricks and mortar investment is concerned.

“Of course, the fragmented nature of the market means that some have fared better than others and there’s no doubt that it’s been a particularly tough year for the London market due to ongoing Covid restrictions and work from home advice from the government.

“Despite this, the average price paid for a London property has still climbed by a respectable sum and this growth has been largely driven by the capital’s prime boroughs, as travel restrictions have eased, and foreign buyers have once again been able to flock to the most desirable property hotspot in the world.”

Source: Read Full Article