The Beast from the East: house price growth in the decade driven by Eastern regions

This week the Office for National Statistics revealed that the average UK property had risen by 13.2% in the past year, driven by surges in the Northern regions. The North West of England, for example, saw house price growth increase by 18.6%, whilst Wales came second with 16.7%.

However, looking at a wider timeframe, it’s the Eastern regions which have boosted the average UK property price over the past decade. (This is when London is taken out of the equation, of course, with a 74% increase since 2010. That equates to a whopping £210,641).

The East of England, South East and the East Midlands claim second, third and fourth place, with increases of 61%, 55% and 51% respectively.

Next in the league table comes the West, with the West Midlands, South West, Wales and the North West in fifth to eighth place, boasting increases of 39% to 47%.

Finally, the North props up the list, with Yorkshire and the Humber, Scotland, Northern Ireland and the North East declaring modest increases of 16% to 36%.

The ONS figures can be broken down further into unit type, which reveals that the modest terraced unit has seen the largest growth since 2010. A terraced house in London has seen a huge 86% rise in price, equating to an increase of £246,648, whilst a terraced unit in the North East has seen a price increase of just £15,355 (16%).

Semi-detached units follow shortly after, rising by 80% in London, followed by detached units and flats.

Whether the next ten years will see a similar increase remains to be seen; but with such staggering increases seen in some regions, it’s no surprise that getting on the property ladder is such a difficult goal for many people.

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