Pockets of Britain have seen property prices surge despite the pandemic, with some areas seeing double-digit percentage growth, according to latest data from Halifax.
Homes in parts of London, as well as Yorkshire, the West Midlands and northern Scotland have seen the biggest percentage increases over the past 12 months, according to one of Britain’s biggest lenders.
In London’s trendy Islington district, the average property price jumped 13.4 per cent or £85,918 this year, more than double the average percentage growth in the Greater London area with an average sale price of £727,922.
In London’s trendy Islington district, the average property price jumped 13.4% (£85,918) this year
Outside of London, Leeds saw the second greatest increase overall, with a 11.3 per cent – or £25,024 – lift in the average house price in 2020.
This uptick edged past the regional average of 9 per cent across Yorkshire and Humberside.
Returning to the capital, Croydon came in third place after witnessing a 10.9 per cent climb (£39,117), having risen 1 per cent the previous year.
Wolverhampton waltzed in at number four and homes in this West Midlands city now cost 9.5 per cent more (£18,975) at an average of £217,837. This has crept up from 9 per cent the previous year.
Hounslow in West London sits in fifth position, with a rise of 9.1 per cent (£43,697) which is slightly down from last year’s increase of 13 per cent.
A house in each borough now costs an average of £397,538 and £523,659 respectively, versus the Greater London average of £558,272.
But both Croydon and Hounslow have seen growth well above the average of 6 per cent for the region.
The biggest house price ‘winners’ of 2020 have seen the value of their homes jump by an average of 10 per cent across the UK, according to the latest data from Halifax
|1 yr Change £||1 yr Change %|
|Leeds||Yorkshire & Humberside||222,092||247,116||25,024||11.3%|
|Doncaster||Yorkshire & Humberside||162,465||176,728||14,263||8.8%|
|Grimsby||Yorkshire & Humberside||156,349||168,035||11,686||7.5%|
|Richmond Upon Thames||Greater London||709,785||762,749||52,963||7.5%|
|Kingston Upon Thames||Greater London||558,052||599,317||41,265||7.4%|
|Newcastle Upon Tyne||North||200,689||213,887||13,198||6.6%|
|(Halifax: 12 months rolling to October)|
Other towns making up the top ten include Doncaster, Inverness, Watford and Romford.
Russell Galley, Halifax managing director, said: ‘Much like many other things about 2020, it would have been hard to predict which areas would see the greatest movement in average house prices this year.
‘For example, depending on the borough, you could be looking at the biggest price rise or the biggest falls in the capital.
‘House prices have leapt by more than 11 per cent in Yorkshire’s great cosmopolitan city of Leeds and almost 10 per cent in Wolverhampton at the heart of the Black Country.
‘Further North, Doncaster and Inverness have also seen healthy growth and whilst the overall house price trend this year has been upward, anyone looking to buy in Paisley, Hackney, or Aberdeen will find homes cost a little bit less than last year.’
Outside of London, the great northern city of Leeds saw the second greatest increase overall, with a 11.3 per cent (£25,024) lift in the average house price in 2020
Inverness in the Scottish Highlands – where homes now cost £195,534 – is Scotland’s biggest house price winner this year, with an average increase this year rocketing to 8.1 per cent (£14,687) from no increase at all between 2018 and 2019
There is potential good news for buyers and sellers in London and Scotland, with both appearing more than once on the lists of areas with the greatest and smallest house price growth.
Greater London takes nine of the top 20 places for house price rises in the year.
But this year, prices more broadly in the capital are a tale of two halves.
The cost of buying a home in the popular Hackney area has become £9,843 , or 1.5 per cent cheaper, compared to the previous year, making it the second greatest fall in the UK, after Paisley in Scotland.
Just a few miles west of Glasgow, Paisley has seen house prices cool by 1.7 per cent or £2,448.
Merton and Greenwich – in Greater London – sit in fifth and sixth place on the list, with dips of 0.6 per cent and 0.2 per cent respectively.
Inverness in the Scottish Highlands – where homes now cost £195,534 – is Scotland’s biggest house price winner this year, with an average increase this year rocketing to 8.1 per cent (£14,687) from no increase at all between 2018 and 2019.
Croydon came in at third place overall with a 10.9 per cent increase (£39,117), having only risen 1 per cent the previous year
Meanwhile in Scotland’s capital – one of the priciest places to buy in Scotland – has seen house prices grow by 6 per cent over the year, corresponding to an extra £15,581, with the average property in Edinburgh now £274,246.
On the other hand, not too far away from these winners, Aberdeen in the North and Falkirk in central Scotland have seen house price falls this year, of 1.4 per cent (£2,761) and 0.8 per cent(£1,484), coming in at third and fourth in the UK overall.
Buyers can expect to pay around £200,810 for a home in Aberdeen or £175,789 in Falkirk.
In London, even some of the closest neighbours have some of the biggest contrasts.
Islington, Croydon, Hounslow, Romford, Richmond-Upon-Thames, Kingston-upon-Thames, Lambeth, Sutton, and Hillingdon have all experienced some of the biggest house prices increases in the year.
Over the same period, Hackney, Merton, Greenwich, Tower Hamlets, Haringey, and Wandsworth, have all seen either a drop or the smallest growth in the year when looking across the UK.
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