Thursday, October 17News For London

London house prices rise by 358 percent in 20 years

London house prices have risen from an average of £83,000 to £380,000 in the past two decades, official figures show.

A property boom along Stratford High Street Photo by Flickr.com/diamond geezer
A property boom along Stratford High Street
Photo by Flickr.com/diamond geezer

This £297,000 increase since 1995 represents a 358 percent rise in London house prices according to the Office for National Statistics (ONS).

The ONS report analysed property sale data from 112 towns and cities in England and Wales with more than 75,000 inhabitants.

The data corresponds with a report compiled by media group Trinity Mirror earlier this month which indicated that median house prices in the W1B1 postocde in Westminster  have risen 1,875 percent from £200,000 in 1995 to £3.95m in 2015.

London is not the fastest rising

In the past five years house prices in London have increased by 38 percent. This is not the fastest however, as house prices in Cambridge have risen nearly 47 percent.

The report said that between 2010 and 2015, “Cambridge and London both saw median house prices increase by over £100,000”.

This was in contrast with median house prices in Swansea and Southport which declined by £5,000 over the same period.

The report found London to have the third greatest increase in flats sold during this same period (19.9 percent increase) after Manchester (25.6 percent) and Salford (22.2 percent).

Attractive areas for Londoners

Brighton, Cambridge and St Albans have been earmarked by mortgage broker Andrew Montlake of Coreco for families priced out of London on account of their improved commuter links to London, good schools and green spaces.

Burnley, Lancashire has seen the smallest increase in house prices since 1995 with an average house increasing from £31,500 to £78,000, or 148 percent.

The second smallest increase was for houses Bradford, West Yorkshire, where average prices rose from  £38,000 to £100,000 (63 percent).

 

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