There are 19 towns and cities that have witnessed property prices growing by more than 250% since the turn of the century, according to research carried out by online estate agent HouseSimple.com.
Southend-on-Sea was found to be the UK’s top property hotspot of the 21st century so far, with average property prices in the Essex coastal town soaring by 287.1% since 2000.
According to Land Registry figures, Southend-on-Sea – famed for having the longest leisure pier in the world – has seen property prices rise faster than any other town or city outside of London since January 2000. But it’s far from the only place that has seen phenomenal growth, with the East of England particularly booming. In fact, four out of five of the biggest price growth areas outside of the capital can be found in the East of England, with Cambridge (279.2%), Luton (276.7%) and Basildon (274.7%) also all seeing average property price growth of 270% or more.
When London boroughs were included, Waltham Forest in East London won out, with astonishing growth of 364.9% since the turn of the century. This made the popular commuter hub the top performing area in the UK when it comes to property price growth. To put together its research, HouseSimple.com identified 19 UK towns and cities that have experienced average price growth of at least 250% since January 2000. Only two towns from the north of England – Salford and Sale – made the grade, with both these locations found in Greater Manchester.
Other towns and cities which have enjoyed exceptional price growth since January 2000 include Bristol, Corby, Hastings, Leicester, Brighton, Lincoln, Slough, Norwich and Canterbury.
Unsurprisingly, London has seen the biggest gains in property prices in the last 18 years, with the eight largest house price growth areas all accounted for by London boroughs. All saw average property prices increase by more than 300% since the beginning of the Millennium. As well as Waltham Forest, Hackney – another Olympic borough boosted by the 2012 Games – has seen prices rise significantly, up by 339% since 2000.
Lewisham, Southwark, the City of Westminster, Newham, Barking and Dagenham and Haringey have also seen huge price growth in the past 18 years. “While London is the clear winner when it comes to house price growth since the turn of the century, prices have boomed in many areas outside the capital as these figures attest,” Sam Mitchell, chief executive of HouseSimple.com, said.
“What’s more impressive is that in the middle of this 18-year period, we experienced one of the worst recessions this country has ever seen. It shows the resilience of the UK property market.”
He added: “During this period, London property prices stabilised thanks to an inflow of foreign investment, and then started to rise again 18 months after the height of the Credit Crunch. However, that wasn’t the case across large swathes of the country, where the recovery process was far more protracted.” Mitchell said the property price growth picture is a totally different story today. “As London’s property market shows signs of running out of steam, we are seeing strong growth in the north of England. Eighteen years from now, the UK’s property hotspot landscape
could well look entirely different.”