Manchester has seen the greatest property price boost over the past 20 years, rising by 143%, a new study has found.
The average property price in Manchester in 2020 stands at £179,537 ($238,900), up from £73,910 two decades ago, according to the research by Ocean Finance.
Leicester comes in at number two, with prices increasing by 132% since 2000. The average house is now valued at £190,440, up from £82,118.
Third on the list is Southend-on-Sea where the average price of a home has risen to £287,173 from £132,239 — an increase of 117%.
London just misses out on the top three, with prices rising 116% since the year 2000. The UK capital is currently the most expensive property hotspot on the list with average house prices standing at £786,760, compared to £364,366 twenty years ago.
Bristol is at number five with prices up by 112% over the past two decades to £291,839 from £137,742.
Greater London tops the regional rankings, with prices going up by 95%, closely followed by East Midlands and Yorkshire with property values rising by 87% in both areas.
According to research by Zoopla, the average homeowner stays in a property for 23 years, during this time the average property gains £96,979 in value, over three times the average annual UK salary.
Based on data from 50 of the UK’s largest cities, the average increase in property value over the past two decades has been 78%, according to Ocean Finance.
Terraced houses have gained the most in value — an average of 96% over 20 years.
The average value of semi-detached houses in the UK has grown by 84% in the past two decades, followed by detached homes which have risen by 70%. The average price of a flat or maisonette in the UK has gone up by 69% since 2000.
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