Largest Property Price Increases in the UK Between 2009 and 2014
According to the latest forecasts and predictions, property prices in the UK could increase for as much as 25 percent over the next five years. Obviously, a question occurs, how realistic are these predictions? After all, 25 percent sounds a lot considering that the prices are already astronomically high. The analysis of property price trends in the UK between 2009 and 2014 indicates that the increase of 25 percent isn’t impossible. Not all towns/cities experienced growth of property prices, with some experiencing only a slight increase. Those that experienced the largest property price increases, however, grew for over 50 percent.
Not surprisingly, London had the largest property price increases in the UK between 2009 and 2014. Boroughs and areas that experienced the biggest growth include:
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Lambeth. This London area/borough experienced the largest property price increase in the entire country. In 2014, an average price of a home was £430,000 or £5,100 per square metre which is more than 60 percent more than in 2009 when the cost of a square metre was on average £3,180.
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Kensington and Chelsea. The most expensive place to buy a home in London (and the UK) was already unaffordable back in 2009. But by 2014, it became even more unaffordable as an average home sold for nearly £860,000. From 2009 to 2014, property prices jumped from £7,000 to nearly £11,000 per square metre. In percentage, this is approximately 55%. That’s lower than in Lambeth but in value, it’s more than twice as much as in Lambeth.
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Haringey. This is another London borough that experienced property price increase for more than 50 percent in just five years. In 2009, the cost of a square metre was on average £3,100. By 2014, the price grew to £4,750 per square metre, while an average home sold for about £420,000.
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Hammersmith and Fulham. One of the most expensive parts of London is now even more expensive. From 2009 to 2014, an average price per square metre grew from £5,100 to £7,800 or more than 50 percent. To buy a home in this borough in 2014, you would pay nearly £700,000 which was an average house price.
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Lewisham. The last London borough/area to experience an increase of property prices for more than 50 percent nevertheless remains relatively affordable in comparison to others with a similar percentage of growth. Between 2009 and 2014, the cost per square metre grew from £2,400 to £3,700, while the cost of an average home rose to £315,000.