Following on from our latest blog post where we provided commentary on UK house prices rising for the third month in a row, we are going to look are UK areas where house prices have risen the most in the last decade.
Official figures from the ONS show the average UK house prices rose from £167,716 in January 2013 to £290,000 at the end of January 2023 – a gain of 73%.
Naturally, some areas have seen much bigger gains than others so Repossessedhousesforsale.com have looked at these areas for their latest repossession figures.
Waltham Forest tops the list for the largest % difference in the past decade with an increase of 119%. It is closely followed by Hastings (+115%), Thanet (+115%) and Barking & Dagenham (+113%).
In terms of monetary figures, the areas with the largest increase for average house prices are Waltham Forest (+£280,110), Rochford (+£224,710) and Basildon (+£194,260).
When looking at the latest Gov.uk repossession figures which covers up to December 2022, 4 areas recorded 10 or more repossessed properties in 2022. These were Medway (12), Hastings (11), Bristol (11) and North Northamptonshire (10).
Comparing the data to the same period as the previous year, we can see that Medway and Hastings recorded the largest increase in repossessions with 4 additional properties.
In contrast, 3 areas saw a YoY decrease which were North Northamptonshire, Waltham Forest and Barking & Dagenham – all recording 1 less repossession.
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Overall, the latest ONS figures showing that average house prices have increased for the third month in a row is positive.
It has gone against the bleak forecasts produced at the beginning of the year, giving investors optimism when looking to buy repossessed houses for sale in 2023.
Repossessedhousesforsale.com would recommend that investors keep a close eye on Hastings and Thanet in 2023 as they both recorded a large increase in average house prices as well as a growing number of repossessions.
