Upmarket property agent Savills has been combing through recently released Land Registry data stretching back 20 years to see just how much property prices have increased over that period.
The answer, as you might expect, is a lot.
Since 1995, property prices across England and Wales have jumped by an average of 300%, from £66,110 to £262,847.
The top 5% of wards across England and Wales have seen property prices increase by 538% — from £108,032 to £689,649 — and prices in the fastest growing area, Oval in South London, have shot up by an insane 938%.
Oval, known for its cricket ground, is a relatively inconspicuous area not usually associated with runaway property prices. But clearly demand there is high.
Only 5.5% of wards in England and Wales now have an average sale price less than £100,000, Savills says, compared to 88% of all wards in 1995. There are 66 wards with an average sale price of over £1 million, with 53 of them in London.
Savills have produced the below handy chart that shows just how price growth is distributed across the UK. The majority cluster between 200% and 300% growth, but London property prices stretch anywhere from 300% to over 600% growth.
Lucian Cook, head of Savills UK residential research, says in an emailed statement:
The twenty biggest risers are dominated by central London markets, though they also include some areas that have seen substantial gentrification over the period. This includes Queens Park and Kensal Green in Brent, East Dulwich and Cathedrals in Southwark and Stoke Newington Central and Dalston in Hackney.
Looking at the top thirty performers outside London, Brighton and Hove, North Oxford and Cambridge all feature prominently, as well as a few coastal markets in Norfolk and Cornwall and prime commuter wards such as Harpenden South, Denham North and Luffield Abbey.
That London’s property market is completely, insanely untethered from the rest of the UK is no surprise — Savills themselves have produced data showing as much themselves. But the new figures showing just how eye-wateringly dear price rises have been and you will either weep or jump for joy depending on whether you’re on the housing ladder or not.