London is not the only place where prices have soared over last 22 years
Brighton, Bristol and Reading have led the way in the UK in terms of house price rises since 1995, showing that it is not just London that has seen property values soar. New research from estate agents Keatons shows that while prices in inner London have increased the most at 654% over the last 22 years cities in the South of England are not that far behind.
The data shows that prices in Brighton and Hove have increased by 627% over the same period taking the average prices of a home to £350,000, followed by Bristol with a rise of 478% from an average of around £45,000 to more than £250,000 today.
Next is outer London where property prices have increased by 475% and them commuter towns of Reading and Luton while the smallest rise over the years has been just 184% in Preston with the average property costing £122,061.
The report explains that towns with reliable transport links into London continue to be highly sought after, with Reading and Luton among the largest areas from which workers commute into London. Prices in Reading have rocketed since the announcement of the Elizabeth line which is due to open in 2019, offering another route to London’s Paddington and Liverpool Street.
The average value of a property in Reading is around £300,000, compared to £420,000 in the outer boroughs of the capital. The average Inner London property costs over £583,000, some 2.7 times the national average of £218,908.
Price rises have also been modest in other northern towns, with values doubling at most in locations such as Stockton-on-Tees, Sunderland and Hull.
‘London house prices have soared over the past few decades and that’s likely to continue while demand for inner city housing continuously outpaces the build of new home,’ said Lars Gooch of Keatons estate agents.
‘Simultaneously, areas on the commuter belt like Reading and Luton are also growing in popularity and we will likely see this reflected in the property market for years to come. We haven’t seen as much of a jump outside of the South East but prices have still risen steadily across the board, meaning property has consistently proven to be the most reliable of investments,’ he added.