Press Release
House prices in home counties growing faster than London over past 12 years, new data shows
Research by investment platform Saxo analyses the inflation levels of house prices in the UK
Average house prices in home counties have grown at a considerably higher rate compared to London’s housing market since 2010, new data from Saxo shows.
Buckinghamshire’s average house prices increased by a staggering 70% from £289,764 in 2010 to £491,369 in 2022. Similarly, other home counties such as West Sussex, Surrey and Hertfordshire had around 50% increase in their housing prices since 2010.
This is compared to London’s housing market which increased from £413,350 in 2010 to £552,775 in 2022, a rate of just 34%.
Saxo’s research follows the Bank of England’s announcement last week to raise interest rates from 2.25% to 3% last week - the biggest jump since the 1980s.
Looking at the nation’s wealthiest and poorest housing markets, according to research by online real estate firm Zoopla in 2010, experts at Saxo have calculated the difference in price in line with the Government’s latest Housing Price Index released last month.
Property price inflation by housing market in England (2010-2022)
Source: 2010 property prices via Zoopla: wealthiest and poorest markets, 28th September 2010, 2022 prices via Gov.uk: UK House Price Index August 2022. All data collected on 03/11/22
Property price inflation by country in the UK (2010-2022)
* All data collected via Gov.uk: UK House Price Index
Anaam Raza, of investment platform Saxo, said:
“The average house price in England has risen by almost 50% over the past 12 years with the market seeing an annual incline every year since the end of the 2009 recession.
“However, according to our data, many will be surprised to see London’s housing market growing at a slower rate - at just 34%.
“Further to this, many home counties have seen higher price rises than the capital suggesting more London-based homeowners have been leaving their city homes for the suburbs.
“On the other end of the ladder, the average home in the 10 poorest housing markets in the UK in 2010 have risen by £53,000 in 12 years - raising concerns for the affordability of properties in less affluent areas.
“The disproportionate rise in house prices compared to the standard living wage is slowly being addressed with the Bank of England announcing the biggest jump in interest rates in almost 35 years last month. This is a result of inflation hitting double-digits and a 40-year high this year at 10.1%. As inflation increases, interest rates tend to also increase, and mortgages become more expensive.”
Buckinghamshire’s average house prices increased by a staggering 70% from £289,764 in 2010 to £491,369 in 2022. Similarly, other home counties such as West Sussex, Surrey and Hertfordshire had around 50% increase in their housing prices since 2010.
This is compared to London’s housing market which increased from £413,350 in 2010 to £552,775 in 2022, a rate of just 34%.
Saxo’s research follows the Bank of England’s announcement last week to raise interest rates from 2.25% to 3% last week - the biggest jump since the 1980s.
Looking at the nation’s wealthiest and poorest housing markets, according to research by online real estate firm Zoopla in 2010, experts at Saxo have calculated the difference in price in line with the Government’s latest Housing Price Index released last month.
| Wealthiest housing markets in 2010 | September 2010) | August 2022 | Increase/ decrease |
|---|---|---|---|
| Buckinghamshire | 289,764 | 491,369 | 69.58% |
| Berkshire | 274,421 | 418,208 | 52.40% |
| Bath & N E Somerset | 287,332 | 434,860 | 51.34% |
| West Sussex | 269,774 | 405,649 | 50.37% |
| Surrey | 357,863 | 537,915 | 50.31% |
| Hertfordshire | 317,687 | 470,274 | 48.03% |
| Oxfordshire | 300,642 | 441,276 | 46.78% |
| Windsor & Maidenhead | 409,939 | 565,535 | 37.96% |
| London | 413,350 | 552,755 | 33.73% |
| South Gloucestershire | 384,102 | 355,076 | -7.56% |
| Average percentage UK | 43.29% |
| Poorest housing markets in 2010 | 2010 | 2022 | Increase/ decrease |
|---|---|---|---|
| Nottinghamshire | 137,949 | 235,648 | 70.82% |
| Staffordshire | 152,743 | 249,620 | 63.42% |
| Greater Manchester | 151,946 | 234,841 | 54.56% |
| North Lincolnshire | 124,921 | 186,991 | 49.69% |
| South Yorkshire | 137,413 | 192,599 | 40.16% |
| Merseyside | 140,847 | 192,112 | 36.40% |
| Lancashire | 146,079 | 190,592 | 30.47% |
| Tyne & Wear | 150,862 | 189,553 | 25.65% |
| Hartlepool | 124,949 | 137,432 | 9.99% |
| Durham | 133,257 | 130,414 | -2.13% |
| Average for the poorest markets | 37.90% |
Key stats
- House prices in the wealthiest areas of England have increased by 43%, a similar figure to the poorest areas where properties have increased by 38%
- Berkshire, Bath & North East Somerset, and West Sussex have all seen a 50% increase in their house price.
- Out of the poorest housing markets in the UK back in 2010, Nottinghamshire saw the biggest increase by 71%, followed closely by Staffordshire and Greater Manchester, at 63% and 55% respectively.
- Property prices in Wales have grown faster than in England, Scotland and Northern Ireland at a rate of 66%
Property price inflation by country in the UK (2010-2022)
| Nation | 2010 | 2022 | Difference |
|---|---|---|---|
| England | 215,824 | 315965 | 46.40% |
| Wales | 132,453 | 220,059 | 66.14% |
| Scotland | 159,890 | 212,917 | 33.16% |
| Northern Ireland | 149,795 | 169,000 | 12.82% |
| United Kingdom | 164,491 | 229,485 | 39.51% |
Anaam Raza, of investment platform Saxo, said:
“The average house price in England has risen by almost 50% over the past 12 years with the market seeing an annual incline every year since the end of the 2009 recession.
“However, according to our data, many will be surprised to see London’s housing market growing at a slower rate - at just 34%.
“Further to this, many home counties have seen higher price rises than the capital suggesting more London-based homeowners have been leaving their city homes for the suburbs.
“On the other end of the ladder, the average home in the 10 poorest housing markets in the UK in 2010 have risen by £53,000 in 12 years - raising concerns for the affordability of properties in less affluent areas.
“The disproportionate rise in house prices compared to the standard living wage is slowly being addressed with the Bank of England announcing the biggest jump in interest rates in almost 35 years last month. This is a result of inflation hitting double-digits and a 40-year high this year at 10.1%. As inflation increases, interest rates tend to also increase, and mortgages become more expensive.”