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Home Press releasesLandlords & investorsUK house prices up 197% since the Millennium, 43% in the last decade alone

UK house prices up 197% since the Millennium, 43% in the last decade alone

The latest 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% and a huge 308% since the turn of the Millennium.

The latest and last Land Registry house price index including data for 2019 has just been released shining a light on house price performance over the full year, the decade and last twenty years.

Benham and Reeves crunched the numbers to look at the average yearly house price and how this has changed over the last decade and the last two decades.

The numbers show that across the UK property prices are up some 43% in the last ten years, although growth this Millennium has already hit 197% despite a huge market correction during the financial crash in 2007.

London in the last decade

Over the last decade, Waltham Forest is the borough to have helped drive this price growth within the capital to the largest extent, with prices increasing by 111%. The City of London has also seen one of the largest increases in the last decade up 104%, along with Haringey (99%), Hackney (97%) and Lewisham (94%).

Believe it or not, Hammersmith and Fulham has seen the lowest rate of house price growth in the last ten years, with prices up just 65%. 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%, with Waltham Forest again ranking high (415%) along with Newham (388%) and Lewisham (385%).

The UK in the 10 and 20 years

Over the last 10 years, Cambridge (79%) Hertsmere (79%), Three Rivers (77%), Bristol (77%) and Slough (76%) have topped the table for house price growth outside of London.

Manchester (355%), Thanet (347%), Thurrock (342%), Brighton and Hove (335%) and Southend (334%) 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.

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.”

Primary level – nations
Location 2019 AveHP 2009 AveHP 1999 AveHP 10 year change 20 year change
England £247,400 £166,559 £70,071 49% 253%
Wales £163,689 £127,658 £50,126 28% 227%
Scotland £151,788 £129,881 £49,924 17% 204%
Northern Ireland £138,129 £141,384 £62,048 -2% 123%
 
United Kingdom £231,215 £161,148 £77,961 43% 197%
Secondary level – regions
Location 2019 AveHP 2009 AveHP 1999 AveHP 10 year change 20 year change
London £472,524 £257,854 £115,686 83% 308%
East of England £290,928 £177,386 £76,768 64% 279%
East Midlands £193,520 £134,119 £55,834 44% 247%
South West £256,607 £178,826 £74,707 43% 243%
South East £322,210 £201,640 £94,201 60% 242%
Yorkshire and The Humber £163,844 £129,734 £49,490 26% 231%
North West £164,571 £130,121 £50,145 26% 228%
West Midlands Region £198,513 £142,190 £60,954 40% 226%
North East £128,901 £120,955 £46,999 7% 174%
London boroughs
Location 2019 AveHP 2009 AveHP 1999 AveHP 10 year change 20 year change
Hackney £556,561 £282,241 £105,533 97% 427%
Waltham Forest £431,537 £204,935 £83,822 111% 415%
Newham £363,456 £188,217 £74,526 93% 388%
Lewisham £410,350 £211,308 £84,695 94% 385%
Barking and Dagenham £299,686 £156,447 £65,321 92% 359%
City of London £783,417 £383,418 £171,300 104% 357%
Haringey £548,829 £276,214 £120,083 99% 357%
Southwark £498,672 £261,151 £110,268 91% 352%
City of Westminster £956,750 £532,097 £214,043 80% 347%
Camden £834,749 £454,628 £191,091 84% 337%
Lambeth £508,349 £267,337 £116,616 90% 336%
Brent £484,770 £264,402 £112,157 83% 332%
Greenwich £391,560 £210,323 £90,879 86% 331%
Merton £507,900 £271,598 £121,901 87% 317%
Islington £631,679 £345,284 £155,590 83% 306%
Wandsworth £588,820 £340,373 £145,340 73% 305%
Kensington And Chelsea £1,256,713 £705,188 £311,455 78% 303%
Redbridge £415,068 £232,764 £102,940 78% 303%
Havering £364,713 £205,962 £92,889 77% 293%
Bexley £338,058 £189,051 £86,778 79% 290%
Tower Hamlets £438,332 £258,248 £113,035 70% 288%
Enfield £394,057 £221,993 £101,987 78% 286%
Barnet £520,386 £299,103 £136,005 74% 283%
Croydon £365,763 £203,706 £97,173 80% 276%
Kingston upon Thames £486,237 £266,774 £129,697 82% 275%
Ealing £473,336 £264,042 £126,278 79% 275%
Hillingdon £405,173 £228,276 £108,925 77% 272%
Sutton £373,196 £212,118 £100,870 76% 270%
Bromley £438,406 £249,909 £120,874 75% 263%
Hammersmith and Fulham £718,439 £435,456 £198,901 65% 261%
Hounslow £402,167 £236,243 £112,074 70% 259%
Richmond upon Thames £650,883 £369,390 £181,772 76% 258%
Harrow £449,686 £263,036 £126,688 71% 255%
Best areas for 10 year growth outside of London
Location 2019 AveHP 2009 AveHP 10 year change
Cambridge £435,409 £242,741 79%
Hertsmere £462,457 £257,956 79%
Three Rivers £514,591 £289,942 77%
City of Bristol £280,437 £158,796 77%
Slough £296,956 £168,343 76%
Harlow £273,824 £156,433 75%
Watford £347,013 £198,681 75%
St Albans £506,036 £289,965 75%
Welwyn Hatfield £391,313 £224,325 74%
Southend-on-Sea £285,440 £163,819 74%
Best areas for 20 year growth outside of London
Location 2019 AveHP 1999 AveHP 20 year change
Manchester £181,071 £39,835 355%
Thanet £236,991 £53,005 347%
Thurrock £267,574 £60,514 342%
Brighton and Hove £364,493 £83,851 335%
Southend-on-Sea £285,440 £65,811 334%
City of Bristol £280,437 £65,352 329%
Hastings £214,199 £50,073 328%
Basildon £306,297 £72,183 324%
Rochford £349,442 £83,248 320%
Corby £185,821 £45,211 311%

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About the Author

Established in 1958, Benham and Reeves is one of London’s oldest, independently owned property lettings and sales agents. With specialism in residential sales, corporate lettings and property management in prime areas of London, the company operates from 21 prominently located branches and 15 international offices.

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