Do you live in a town where property prices are soaring? Figures for 112 cities and towns across England and Wales reveal Brighton has the biggest surge in house prices jumping 500% since 1995
- 19th August 2016
House prices have soared by nearly 500 per cent in Brighton and Hove in the past two decades, official figures show.
Average prices in the seaside city jumped from £50,000 in 1995 to £295,000 in 2015, according to the Office for National Statistics.
The 490 per cent increase was the biggest in England and Wales, followed by Cambridge, which saw a 414 per cent rise in the 20-year period
St Albans, in Hertfordshire, saw the biggest price jump in absolute terms – from an average of £80,500 in 1995 to £390,000 in 2010. The increase of £309,500 represented a 384 per cent rise.
It was followed by London, where prices grew from an average of £83,000 to £380,000 – an increase of £297,000 or 358 per cent.
On average, towns in the South of England saw average house prices grow by between 250 and 350 per cent over the two decades.
Towns and cities in the North and Midlands saw average growth of 150 to 250 per cent over the same period.
Prices in Burnley, Lancashire, have grown the least since 1995 – with the price tag of a typical home increasing by £46,500, or 148 per cent, to £78,000.
The second smallest increase was in Bradford, West Yorkshire, where average prices grew 163 per cent from £38,000 to £100,000.
Economists analysed property sale data from 112 towns and cities in England and Wales with more than 75,000 inhabitants.
They found that in 2015, 29 out of the 45 towns in the South of England had an average house price in excess of £200,000 compared to just three out of 63 in the North and Midlands: Harrogate, in North Yorkshire, and Solihull and Sutton in the West Midlands.
In the last five years, house prices in Cambridge have grown the fastest, jumping by nearly 47 per cent, followed by London where average prices rose by 38 per cent.
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