Jubilee price jumps - rise in property values over la...

GetAgent.co.uk reveals that UK house prices have increased by as much as 123% in the decade since the Diamond Jubilee in 2012.

The estate agent comparison site discovered that since the Queen’s 2012 Diamond Jubilee, the UK’s average house price was £165,947. Yet 10 years down the line, during the Platinum Jubilee year, the average price is £278,436.

Highest and lowest regional increases

the East of England has experienced the biggest regional increase as the average house price has risen from £189,084 in 2012 to £343,900 in 2022. This marks a staggering 82% increase.

Properties in London have increased by 80%, in the South East they’ve risen by 76%, and in the East Midlands, they are 75% higher.

In contrast, the estate agent comparison found that the smallest regional increases were in the North East (33%), Scotland (45%), and Yorkshire & Humber (55%).

The best performance at a local level

Waltham Forest, London has the biggest Jubilee rise in house prices. In 2012 homebuyers were paying around £224,065. In 2022 they now cost £499,051 which is a 123% increase of £274,986.

Properties in Thanet have increased by 118%, Barking & Dagenham (108%), Dover (108%), and Hackney (100%).

Scotland and North England have had some of the smallest house price increases. Properties in Aberdeen were £157,732 in 2012 but buyers can now expect to pay £142,804. Other areas that had a drop in price since the last Diamond Jubilee celebrations include Inverclyde (16%), Aberdeenshire (17%), Country Durham (26%), and Angus (27%).

Founder and chief executive officer of GetAgent.co.uk, Colby Short, concludes: “An awful lot has changed in the UK since 2012: three general elections, a Brexit referendum, and a global pandemic. Through all of this, the housing market has remained steadfast and prices have kept rising. A 70% national increase is extraordinary but it’s worth remembering that around 10% of this growth has come as a result of the pandemic-inspired boom of the last two years.”

“It will be interesting to see how the market reacts now in the face of economic instability and if in 10 years time we’ll have witnessed a similar rate of upward house price growth.”