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Harlow house prices rise by close to 100% since Diamond Jubilee

Business / Sat 4th Jun 2022 am30 10:18am

AS the Queen’s Platinum Jubilee arrives, fresh market analysis reveals that house prices in the UK have increased by as much as 123% in the decade since the Diamond Jubilee in 2012 reports Property Notify

At the time of the Queen’s 2012 Diamond Jubilee, the UK’s average house price was £165,947. 

Now, in the Platinum Jubilee year, the average price is £278,436, marking a decade increase of £112,489, or 68%.

On a national level, England has seen the biggest increase at 71%. 

The biggest regional increase has been reported in the East of England, where the average house price has risen from £189,084 in 2012 to £343,900 in 2022, an increase of 82%.

London’s prices have increased by 80%, in the South East they’ve gone up by 76%, and in the East Midlands, they’re up 75%. 

The smallest regional increases have been reported in the North East (33%), Scotland (45%), and Yorkshire & Humber (55%). 

But where’s seen the best performance at a local level?

The biggest Jubilee rise in house prices has been seen in Waltham Forest, London, where they’ve increased from £224,065 in 2012 to £499,051 in 2022, an increase of £274,986 or 123%. 

Some of the other biggest increases have come in Thanet (118%), Barking & Dagenham (108%), Dover (108%), and Hackney (100%).

Hastings (99%), Bexley (99%), Harlow (97%) Medway (95%) and Bristol (95%) also make the top 10 areas to have enjoyed the highest rates of house price growth since the Diamond Jubilee celebrations. 

In terms of the smallest house price increases, Scotland and North England are dominant. 

The City of Aberdeen has actually reported a -9.5% price drop since 2012, from £157,732 to £142,804, while Inverclyde (16%), Aberdeenshire (17%), Country Durham (26%), and Angus (27%) all report low levels of growth. 

Founder and CEO, Colby Short, of the estate agent comparison site responsible for the analysis, GetAgent.co.uk, commented:

“An awful lot has changed in the UK since 2012: three general elections, a Brexit referendum, and a global pandemic. 

Through all of this, the housing market has remained steadfast and prices have kept rising. 

A 70% national increase is extraordinary but it’s worth remembering that around 10% of this growth has come as a result of the pandemic-inspired boom of the last two years.

It will be interesting to see how the market reacts now in the face of economic instability and if in 10 years time we’ll have witnessed a similar rate of upward house price growth.”

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1 Comment for Harlow house prices rise by close to 100% since Diamond Jubilee:

adam
2022-06-04 19:01:56

This is actually not a good thing, yes people feel richer. But the issue is houuse prices are not set really by demand or scarcity but by how much banks are willing to lend. That is great for the banks as debt is an asset to the bank so higher house prices the better for the bank. IT also means people pay back a lot of money each month to the bank taking it out of the wider economy or going further into debt on credit cards etc. The long run of this is that the debt, traps people it prevents them from truly being free, the government love it as it makes for nice complaint workforce etc. In reality wages in Harlow on average would be about 25-30K so a nice family 4 bed home should be in the region of 100 -120K. This is especially going to upset boomers who bought at sensible prices and convinced themselves they are financial geniuses apart from the fact they miss out they had the best 50 years this world is ever likely to have had

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