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The Independent
2 days ago
- Business
- The Independent
How much house prices have risen over 20 years revealed – as one area jumps 124%
House prices in the UK have jumped by 74 per cent in the last 20 years, adding over £150,000 to the average property value, according to Zoopla. The property website found that the typical house price has risen from £113,900 to £268,200 in the past two decades. However, sharp rises in some locations could mean that some people are priced out of the areas they grew up in. London has seen the biggest increase, with average house prices more than doubling (119 per cent) in the last 20 years. The South East and eastern England have also seen large jumps, with average property values rising by 87 per cent in both regions. In contrast, house prices in the north-east of England have risen by 39 per cent during the same period. In Blackpool, Lancashire, average house prices have increased by 26 per cent, while in Sunderland, Tyne and Wear, they have risen by 22 per cent. Meanwhile, in Kensington and Chelsea (124 per cent) in London, Elmbridge (110 per cent) in Surrey, and St Albans (108 per cent) in Hertfordshire, average property values have more than doubled over the past two decades. Tom Bill, head of UK residential research at Knight Frank, said: 'If you grew up in north-east England, bought in London and are now returning to your roots, you're in luck. 'You will get significantly more bang for your buck and the equity accumulated means your mortgage could be wiped out altogether. 'The gap between the capital and the rest of the country has narrowed in recent years as more affordable parts of the UK have seen stronger house price growth. The squeeze in London means more buyers are looking beyond the M25, and that often includes locations where they have roots, a trend that was accelerated by the pandemic and shifting work patterns.' Daniel Copley, a consumer expert at Zoopla, which has affordability tools on its website, said: 'Our latest analysis certainly brings to light the profound impact that two decades of house price growth has had on the dream of 'returning home'. 'UK house prices have soared by 74 per cent since 2005, making that nostalgic return financially unattainable for many, especially in hotspots in the South East and eastern England. 'However, the picture is far from uniform across the UK. Our data shows that while some areas have seen dramatic increases, house prices have risen slowly, in line with incomes in northern regions. This means that for some, the dream of returning to their roots might be much more attainable than they think.' Zoopla used its house price index, comparing the difference between average house prices in April 2025 and April 2024, as part of its research. It also commissioned an Opinium survey among 2,000 people across the UK in June, which indicated that more than half (52 per cent) would consider moving back to the location where they grew up. Toby Leek, president of NAEA (National Association of Estate Agents) Propertymark, said: 'Rural and picturesque areas across the county are popular destinations that many people choose to move to, especially those that are looking for a quiet escape, such as certain coastal locations. However, this sometimes comes with a bigger price tag. 'As places increase in popularity, this raises house prices to levels that mean many current or ex-locals who may wish to move back to their home towns where they grew up could find it hard to afford to purchase a home. It also has the potential to be extremely challenging for people to migrate around the locality as well, due to higher prices.' Here are the increases in average house prices over the past 20 years, according to Zoopla. Figures show the average house price in 2025 followed by the average house price in 2005 and the percentage increase over the past 20 years: London, £534,400, £244,200, 119% South East, £385,400, £206,100, 87% Eastern England, £337,500, £180,600, 87% South West, £312,000, £179,300, 74% East Midlands, £231,000, £136,100, 70% West Midlands, £233,700, £139,800, 67% Wales, £206,500, £125,600, 64% Scotland, £168,000, £103,100, 63% Northern Ireland, £184,200, £113,400, 62% North West, £200,800, £126,300, 59% Yorkshire and the Humber, £190,400, £121,200, 57% North East, £146,400, £115,800, 26% Here are the local authority areas with the biggest house price increases over the past 20 years in each region or nation, according to Zoopla. Figures show average house prices in 2025 followed by average house prices in 2005 and the percentage increase (figures for Northern Ireland were not included): London, Kensington and Chelsea, £1,130,400, £504,000, 124% South East, Elmbridge, £712,700, £338,800, 110% Eastern England, St Albans, £622,100, £298,600, 108% South West, Cotswold, £458,800, £255,700, 79% North West, Trafford, £349,300, £196,100, 78% East Midlands, South Northamptonshire, £381,600, £214,300, 78% Scotland, Edinburgh, £276,800, £160,100, 73% Wales, Monmouthshire, £335,800, £197,500, 70% West Midlands, Stratford-on-Avon, £382,000, £225,800, 69% Yorkshire and the Humber, Harrogate, £349,300, £216,000, 62% North East, Northumberland, £189,800, £136,900, 39% Here are the local authority areas with the lowest house price increases over the past 20 years in each region or nation, according to Zoopla. Figures show average house prices in 2025 followed by average house prices in 2005 and the percentage increase (figures for Northern Ireland were not included):
Yahoo
20-05-2025
- Business
- Yahoo
Average asking price for home in Great Britain hits new high of almost £380k
The average asking price of a home in Great Britain has hit a new record high for the second month in a row, with sellers seeking almost £380,000 on average in May, according to a property website. Across England, Scotland and Wales, the asking price for homes coming on to the market has risen by £2,335 or 0.6% in May compared with April, Rightmove found. This took the average asking price to a new record of £379,517, after a previous record was set last month. It marks the fifth consecutive year in which asking prices have reached a record level in May, a time of year when the British property market is traditionally at its busiest, as sellers feel their homes and gardens are primed to attract bids, and buyers start to look around. Related: UK mortgage lending at four-year high amid rush to avoid stamp duty rise However, the monthly seasonal price increase was the lowest since 2016, as price growth was limited by the number of homes for sale, which stands at its highest level in a decade. The property market has been more subdued this spring than usual, with lower demand from new buyers, after a busy first quarter of the year as buyers in England and Northern Ireland raced to beat the deadline for changes to stamp duty. Temporary cuts to stamp duty in England and Northern Ireland came to an end at the start of April, after the announcement by the chancellor, Rachel Reeves, in her October budget. Scotland and Wales set their own taxes on house purchases. The property market was busier than usual in March, the report found, while new buyer demand slowed in April to 4% more than the same month in 2024. Despite this, demand so far this year is still 3% ahead of last year, and there are signs of a bounceback in May. Rightmove suggested that some buyers might have been waiting for the Bank of England's most recent cut in interest rates. Policymakers at the central bank lowered rates by a quarter point to 4.25% earlier this month. Tom Bill, the head of UK residential research at the estate agents Knight Frank, said: 'The interest rate environment should continue to improve and looser mortgage lending rules should underpin demand later this year. We expect 3.5% average UK price growth in 2025.' Lenders have been slowly reducing interest rates, and reviewing affordability criteria, allowing buyers to borrow more. The lowest available two-year fixed mortgage rate is 3.72%, according to Rightmove's weekly mortgage tracker, down from 4.75% last year. Colleen Babcock, a property expert at Rightmove, said: 'The 10-year-high choice of homes for sale means that sellers need to be aware of the level of competition they're facing for the attention of buyers, and the prices that are being advertised in their location.' Despite the lull in new buyer demand in April, the number of property sales agreed last month was 5% higher than at the same time last year. 'In the current market, buyers may well have several similar homes to choose from in their area, and a home which appears overpriced compared to the competition may not get a second look,' Babcock added. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Mayor
19-05-2025
- Business
- Business Mayor
Average asking price for UK home hits new high of almost £380k
The average asking price of a UK home has hit a new record high for the second month in a row, with sellers seeking almost £380,000 on average in May, according to a property website. Across Britain, the asking price for homes coming on to the market has risen by £2,335 or 0.6% in May compared with April, Rightmove found. This took the average asking price to a new record of £379,517, after a previous record was set last month. It marks the fifth consecutive year in which asking prices have reached a record level in May, a time of year when the British property market is traditionally at its busiest, as sellers feel their homes and gardens are primed to attract bids, and buyers start to look around. However, the monthly seasonal price increase was the lowest since 2016, as price growth was limited by the number of homes for sale, which stands at its highest level in a decade. The property market has been more subdued this spring than usual, with lower demand from new buyers, after a busy first quarter of the year as buyers in England and Northern Ireland raced to beat the deadline for changes to stamp duty. Temporary cuts to stamp duty in England and Northern Ireland came to an end at the start of April, after the announcement by the chancellor, Rachel Reeves, in her October budget. Scotland and Wales set their own taxes on house purchases. The property market was busier than usual in March, the report found, while new buyer demand slowed in April to 4% more than the same month in 2024. Despite this, demand so far this year is still 3% ahead of last year, and there are signs of a bounceback in May. Rightmove suggested that some buyers might have been waiting for the Bank of England's most recent cut in interest rates. Policymakers at the central bank lowered rates by a quarter point to 4.25% earlier this month. Tom Bill, the head of UK residential research at the estate agents Knight Frank, said: 'The interest rate environment should continue to improve and looser mortgage lending rules should underpin demand later this year. We expect 3.5% average UK price growth in 2025.' skip past newsletter promotion Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy. We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion Lenders have been slowly reducing interest rates, and reviewing affordability criteria, allowing buyers to borrow more. The lowest available two-year fixed mortgage rate is 3.72%, according to Rightmove's weekly mortgage tracker, down from 4.75% last year. Colleen Babcock, a property expert at Rightmove, said: 'The 10-year-high choice of homes for sale means that sellers need to be aware of the level of competition they're facing for the attention of buyers, and the prices that are being advertised in their location.' Despite the lull in new buyer demand in April, the number of property sales agreed last month was 5% higher than at the same time last year. 'In the current market, buyers may well have several similar homes to choose from in their area, and a home which appears overpriced compared to the competition may not get a second look,' Babcock added.
Glasgow Times
30-04-2025
- Business
- Glasgow Times
Stamp duty change ‘put rocket' under home sales in March as transactions doubled
Across the UK, an estimated 177,370 sales took place in March – a 104% increase compared with the 86,810 sales recorded in March 2024 – according to HM Revenue and Customs (HMRC) figures. The March 2025 total was also 62% higher when compared with the previous month, when 109,700 sales took place. From April 1, stamp duty discounts have become less generous for some home buyers. Stamp duty applies in England and Northern Ireland. The report said: 'On April 1 2025, the nil-rate threshold, which had been £250,000, returned to the previous level of £125,000. 'The nil-rate threshold, which for first-time buyers, which was £425,000, returned to £300,000. The March transactions probably increased to take advantage of the higher thresholds that month, before the thresholds were reduced.' The figures were released as Nationwide Building Society reported the annual rate of house price growth slowed to 3.4% in April, from 3.9% in March, taking the average property value in April to £270,752. Nationwide said house prices fell by 0.6% month-on-month. Andrew Montlake, chief executive at Coreco, said: 'The stamp duty deadline put a rocket under transaction levels, based on this data. This is no surprise as the prospect of saving potentially thousands of pounds focuses the mind. The problem is the cliff-edge these fiscal initiatives can create. 'Only this morning, for example, the Nationwide revealed house prices fell in April, likely as a result of demand dropping. Looking forward, though, expect transaction levels to remain robust as lenders are proving aggressive at the moment in what is increasingly looking like a rate war as they seek to build their market share. 'It's looking like a positive summer for the property market right now.' Some mortgage lenders have introduced more sub-4% mortgage rates in recent days, amid wider mortgage rate cuts. Yorkshire Building Society announced on Wednesday it is updating its affordability assessments, enabling mortgage borrowers to potentially borrow higher amounts. Nationwide has reported the annual rate of house price growth slowed to 3.4% in April (PA) The Society's affordability assessment model will be used for all new lending. The changes will also apply to its intermediary-only lending arm, Accord Mortgages. Similar moves have also been made recently by other lenders. Tom Bill, head of UK residential research at Knight Frank, said: 'While we should see a lull in April, tariff turbulence has put slight downwards pressure on mortgage rates as economic slowdown risks have grown, which will support demand over the next several months. 'The risk is that inflationary pressures creep back into the system for reasons that include recent employer tax changes, which could mean the Bank of England slows the pace of rate cuts. Together with renewed speculation ahead of the autumn Budget, it could curb activity after the summer.' Karen Noye, a mortgage expert at wealth manager Quilter, said: 'With (stamp duty) thresholds reverting in April, buyers scrambled to complete purchases before facing higher tax bills. It's no coincidence that residential transactions jumped over 60% compared to February as many were racing against the clock to get deals over the line. 'But this morning's latest Nationwide figures show the true ramifications of the stamp duty changes as it showed a 0.6% fall in property prices in April. 'These figures reflect a market adjusting to life after the stamp duty change. Given the time it typically takes to complete a property purchase, the vast majority of transactions benefiting from the old rates were agreed earlier in the year.' A Treasury spokesperson said: 'We are taking decisive action to deliver 1.5 million homes as part of our plan for change, including a £2 billion boost to the affordable homes programme, introducing a permanent and comprehensive mortgage guarantee, and our planning reforms will deliver an additional 170,000 homes by 2029/30. 'Thanks to measures taken at the Budget, there will also be an additional 130,000 transactions over the next five years by first-time buyers and others buying a primary residence.'
Yahoo
17-03-2025
- Business
- Yahoo
The UK's new £1m property hotspots include this south-east London grown-up hipster favourite
With London's house prices on a go-slow, the place to go to meet a newly-minted property millionaire is Cambridge. In the past year the university city has entered the rollcall of new £1m property markets, along with Chichester and Winchelsea, both in West Sussex. This means that at least 20 per cent of local homes were sold for £1m or more in at least six months between September 2023 and September 2024, according to research from Knight Frank. This is almost three times the national average sale price of average sale price of £343,822, according to Savills. Today's research concentrates on areas where the proportion of £1.5m homes has grown. Central London remains the UK's most expensive location – but many of its postcodes have been dominated by £1m+ sales for decades. The capital's best performer in terms of seven-figure sales in the past year was voguish East Dulwich, where the number of £1m+ sales increased from 26 per cent to 32 per cent of the total as families pile into the area for its good amenities, and green space. 'We have seen a lot of activity, and competition for three- to four-bedroom Victorian family houses near to transport links and good schools,' said buying agent Camilla Dell, managing partner of Black Brick. 'Compared to Prime Central London it is like a different country.' Tom Bill, head of UK residential research at Knight Frank, blames the high cost of borrowing for inhibiting price growth in the UK. In 2022/23 11 locations became new £1m+ markets compared to just three a year later. The locations that did manage to cross the £1m+ threshold are all close enough to London to allow for at least a hybrid commute. Cambridge is a lively, cosmopolitan city with a great range of bars and shops and excellent schools. Trains to King's Cross take from 48 minutes. Chichester and Winchelsea are further away, but both allow buyers to live the dream being close to the sea. 'The enduring appeal of waterfront living has significantly bolstered property values in areas like Chichester and Winchelsea,' said Hamish Humfrey, head of national waterfront at Knight Frank. 'Their relative proximity to London enhances their appeal, providing an accessible retreat from urban life without compromising convenience. The limited availability of waterfront properties in these regions further intensifies demand, leading to notable increases in value.' Knight Frank forecasts that UK house prices will increase by 2.5 per cent during 2025, which should create more £1m+ markets over the next year.
