NEW analysis of the latest ONS figures has revealed that Waltham Forest has had the UK’s biggest increase in average house price over the past decade.
The study by A-Plan Insurance compared the average price of a house in March 2011 to March 2021, across more than 400 areas of the UK.
At the top of the list was the London borough of Waltham Forest, where the average price has jumped by a whopping 126% in comparison to ten years ago. The borough’s average in March 2011 was £216,578.46, while in March this year it stood at £490,895.16.
Hackney is the UK area with the second-biggest increase in average house price between March 2011 and 2021, with the cost now standing at £604,465.62, an increase of 105% compared to a decade previously when it was £294,425.46.
In third is Barking and Dagenham, where prices have risen by 96%, with the average going from £161,659.74 in March 2011 up to £317,184.80 ten years on.
In total nine of the top ten areas with the highest average house price increase are London boroughs.
The only area outside the capital is Bristol, which ranks seventh in the UK thanks to an increase of 86.7%. The average house price in the city for March 2021 was £317,209.73, compared to £169,872.61 in March 2011.
At the other end of the scale, one UK area saw a drop in average house price, in the city of Aberdeen it fell by 12.5%. The Scottish city’s average house price stood at £160,544.98 in March 2011, but ten years later it has fallen to £140,357.47.
Overall six of the UK’s ten lowest average house price increases are areas of Scotland.
Comparing the four nations of the UK, England has seen the biggest increase in average house price over the past ten years by 58.6%, going from £173,045.56 in 2011, to £274,615.37 in 2021.