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London property prices up by a quarter since 2004

London property prices up by a quarter since 2004

Category: Mortgages

Updated: 19/03/2010
First Published: 19/03/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Price increases in London over the past five years have accelerated more quickly than any other region in England and Wales.

From 2004 to 2009, house prices in the capital increased by an average of 26.5 per cent, by far the biggest margin of all regions, according to figures from Academtrics.

Only four other regions enjoyed double digit house price growth during the same period.

The value of property in the North increased by 15.4 per cent from 2004 to 2009, while Yorkshire and Humber registered a 13.5 per cent rise.

The East Midlands and the South East both registered average property price increases of 11.6 per cent.

However, over the last decade, it is the Northern regions that have enjoyed the most pronounced expansion of property values. From 1999 to 2009, the average house price in Yorkshire and Humber rose by some 146.6 per cent.

This was closely followed by the North and the North West, where they increased by just over 144 per cent and 143 per cent respectively.

Prices in Wales jumped by 142.6 per cent in the ten years.

Just one region – the South East – saw prices rise by less than Greater London from 1999 to 2009. However, property in the capital increased in value by seven per cent between December 2008 and December 2009 – more than any other region.

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