UK Property Value Growth Spreading from London - May 2015
- On average across England & Wales, property value growth in the 12 months to March 2015 is at 6.82%
- 9 of the top 15 growth areas are within the Greater London area
- Outside of Greater London, the areas showing the greatest growth are parallel to some of the major road and rail arterial routes from the capital, e.g. the M1, A1, M11 and M23 corridors
- A small number of areas are showing negative growth, mainly concentrated in the North West of England
Based on property sale values up to and including March 2015, property values have increased by on average 6.82% across England & Wales in the last 12 months. There continues to be a strong bias of greater property value growth in and around Greater London though our research shows that strong growth is starting to spread from London along some of the major road and rail arterial routes and this can be seen in the image below:
Outside of Greater London, the top five areas (by Local Government District) for growth in the 12 months to March 2015 are:
- Forest Heath (Suffolk) - 15.48%, estimated average value £223,250.
- The City of Brighton & Hove (East Sussex) - 15.42%, estimated average value £365,500.
- East Cambridgeshire (Cambridgeshire) - 14.59%, estimated average value £283,750.
- Watford (Hertfordshire) - 14.30%, estimated average value £353,750.
- North Hertfordshire (Hertfordshire) - 14.16%, estimated average value £358,250.
As can also be seen in the image, there are some areas of the country, particularly in the Cumbria, showing a reduction in average property values over the past 12 months; Copeland Local Government District is showing the greatest reduction at -3.37% (estimated average value £130,000).
You can see the current price change for where you live by entering your postcode or area here:
About the Data & Methodology
Source data for house price transactions is obtained from the Land Registry and is licenced under the Open Government Licence V2.0. All data used in the research for this article has been calculated using algorithms designed by LocationCounts © 2015. Data up to and including March 2015.
The Estimated Average Price for each area (Local Government District) is based on the sold price of every property sold in the area since Jan 1995 with an index applied to estimate the current value.
The Price Change for each area (Local Government District) is based on the average price change for all Postcodes contained within that area. The average price change for each Postcode is based on the closest sales each month to that Postcode weighted by the proximity to the Postcode itself.
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