Fewer than 6% of wards have properties below £100,000

January 23, 2016 by Brendan O'Neill

House Prices

According to new research, the average property price has risen by 300% over the last 20 years. While over 50 wards in the Capital have an average value above £1m, just 6% have properties which are priced below £100,000.

In 1995, the average property price was £66,110, but today that price has increased to £262,847, an increase of £10,000 a year. The research, conducted by Savills estate agents, predicts that house prices will be 17% higher in five years than they are today, although no forecast has been made for the next 20 years.

The variation among regions in the UK is vast, with prices in the top five wards of the country increasing by 538%. The bottom five wards experienced house price increases of just 148% in comparison. In 1995, 88% of homes in the country had values below £100,000, while today just 6% are priced below that amount. In the UK, 66 wards have properties priced above £1m, with 53 in London. In 1995, only eight wards in the UK had properties which were priced above £300,000. Many of the properties which are at the lower end of the scale are located in the North of England.

Once a mortgage adviser has completed CeMAP training in London or another city in the UK, they have all the facts and knowledge to be able to advise the most suitable mortgage for a borrower’s circumstances. A professionally qualified adviser will also provide advice about Help to Buy schemes.