House prices up by as much as £100,000 in a single year

The latest research by Keller Williams UK has revealed how homeowners across the UK have seen the cash price of their home skyrocket in the last year alone..

Research from the national estate agent, Keller Williams UK, has revealed where across the UK homeowners have seen the biggest cash boost in property values in just a single year. The analysis of Land Registry data by Keller Williams UK found that the average UK homeowner has seen a cash boost of £23,116 in just 12 months, with the average UK house price climbing from £231,508 in May of last year, to £254,624 in May 2021 (latest available data).

Biggest cash increases by region

Regionally, the South East has seen the biggest increase with the average home now worth £29,199 more than a year ago. The latest UK House Price index shows that the North West has seen the largest rate of annual growth of all regions at 15.2%. No surprise then, that the region has also seen the second-largest cash increase in the last year at £24,987.

In contrast, London has seen the lowest rate of annual growth of all regions at 5.2%, but the higher price of property in the capital means that London homeowners have enjoyed the third-highest cash increase at £24,987.

Biggest cash increases by local authority

The capital is also home to the area that has enjoyed by far the highest cash increase at local authority level. Homeowners in Hammersmith and Fulham have seen the value of their home increase by a huge £101,496 in the last year alone. However, just one other area of London makes the top 10 biggest cash increase, with homeowners in Bromley enjoying a £59,885 jump in the value of their home.

Stock Image – Property for sale in Bromley

Outside of London, the average house price in Rutland has climbed by £88,625 in a year, with Oxford (£63,009), West Devon (£61,513) and Cotswolds (£60,825) also seeing values climb by more than £60,000.

Other areas to make the top 10 include Elmbridge (£57,168), Mole Valley (£54,824), Derbyshire Dales (£52,181) and Three Rivers (£47,607).

Table shows the annual cash increase in house prices across each nation and region
LocationAveHP – May 2020AveHP – May 2021Change £
South East£320,817£350,016£29,199
North West£164,258£189,245£24,987
London£473,225£497,948£24,723
Wales£162,701£184,297£21,596
East Midlands£194,596£216,077£21,481
South West£256,208£277,603£21,395
East of England£290,117£310,200£20,084
West Midlands Region£200,156£219,793£19,638
Scotland£152,914£171,448£18,534
Yorkshire and The Humber£164,970£181,856£16,885
North East£127,999£143,129£15,130
Northern Ireland£140,841£149,178£8,337
England£247,499£271,434£23,934
United Kingdom£231,508£254,624£23,116
Source: Gov.uk – UK House Price Index (May 2020 to May 2021 – latest available data)
    
Table shows the areas to have seen the largest annual cash increase in house prices
LocationAveHP – May 2020AveHP – May 2021Change £
Hammersmith and Fulham£679,448£780,944£101,496
Rutland£297,059£385,684£88,625
Oxford£392,528£455,537£63,009
West Devon£244,690£306,203£61,513
Cotswold£382,197£443,022£60,825
Bromley£426,062£485,947£59,885
Elmbridge£589,090£646,258£57,168
Mole Valley£480,145£534,969£54,824
Derbyshire Dales£258,630£310,811£52,181
Three Rivers£499,256£546,864£47,607
Source: Gov.uk – UK House Price Index (May 2020 to May 2021 – latest available data)
    

CEO of Keller Williams UK, Ben Taylor, commented:

“The latest market data shows that house prices have climbed by 10% across the UK which is a phenomenal rate of growth. While not all areas have performed as strongly in percentage terms, the differing price of property across the UK market means that the actual cash increase has been sizable, even in the worst-performing regions. On average, UK homeowners are over £23,000 better off than they were year ago and this is proof, if ever it were needed, that there’s no better investment than bricks and mortar.”

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