Property prices in London commuter areas have surged over the last 12 months, experts have revealed.
Homeowners in Bromley, London, and Waverly in Surrey have enjoyed a boost of over £40,000 in their property values since last July.
Five years after the work-from-home wave triggered by the global pandemic, eight out of the top 10 locations experiencing the highest property price increases are commuter towns around London, as revealed by the House Price Index today.
Throughout the year, consistent reports from HPI have indicated a steady rise in house prices both within London and the surrounding towns and regions, and the latest figures reinforce this upward trend.
The news as been welcomed by homeowners across the nation, with prices rising £8,000 over the last year – making the average UK home worth £270,000.
According to an analysis by estate agent Purplebricks, property values climbed just 0.3 percent from June to July this year, yet they have jumped 2.8 percent over the past year.
The bustling north London district of Camden experienced the most significant annual increase across the UK, with a substantial 6 percent rise equivalent to £53,365, making the average property there now worth £920,087.
Bromley homes have increased by 8 per cent since July 2024, a rise worth £45,268 and pricing the average home at £538,904.
You can use the exclusive calculator from Daily Mail (below) to see how property values have shifted in every region of the UK. Choose your area from the drop-down menu to discover the changes in prices where you reside.
The trendy north London borough of Camden saw the biggest annual increase in the UK. Pictured: A one-bed flat priced at £460,000
The period conversion home is located on a quiet, tree-lined street just moments from the vibrant heart of Camden Town
Over in Waverley, properties were up 7 per cent compared to July 2024, worth £40,592, and valuing the average property at £579,891.
But Thanet – home to the seaside town of Margate that has proved hugely popular with ‘down from Londons’ (DFLs) – saw property prices fall by 2 per cent, pricing the average home at £268,443.
Bath and North East Somerset also saw prices drop by 1 per cent, while in Cornwall values stagnated.
Homes in Torbay and Exeter both lost around £10,000 from the value of their homes over the last 12 months.
Across London homeowners had a mixed fortune, with 20 boroughs seeing an increase in house prices – and 13 losing out.
Barking and Dagenham saw an 8 per cent increase since last summer, adding £27,770 to the price of homes.
Properties in the area now average £360,648.
Waltham Forest also added £27,687 to property prices moving the average value to £512,726.
Homeowners in the Surrey district of Waverly have seen more than £40,000 added to the value of their properties since last July. Pictured: A seven-bed detached home in Godalming is on the market for £1.25m
Bromley homes have increased by 8 per cent since July 2024. Pictured: A one-bed apartment on the market for £290,000
Kensington and Chelsea, home to some of the most exclusive properties in the UK, saw properties fall by £34,041 – or 3 per cent.
But the average home in the exclusive west London borough still stands at just over £1.3million.
Westminster homes also plunged 5 per cent, shedding £46,873 off their value – with the average property priced at £976,519.
Overall, homes in England have gone up 2.7 per cent since last July, with the average property worth £291,852.
Wales had a 2 per cent increase, with homes now costing £209,178 on average.
North of the border, there was a 3.3 per cent rise over the last year in Scotland, meaning the average home now costs around £192,050.
Robert Nichols, managing director of Purplebricks Mortgages said: ‘Lower mortgage rates coupled with a falling Bank of England base rate is encouraging more movement in the market.
‘Those twin factors are nudging thousands of Brits – who were previously resigned to stay put – to start home-hunting again. This steady increase in demand is fueling house price rises.
‘While that might sound like bad news for home-hunters, both lower mortgage rates and the Bank of England’s changes to borrowing rules to help first-time buyers means there is more hope for those wanting to get a foot on the ladder.’
Tom Evans, sales director at Purplebricks Estate Agency said: ‘The good news keeps on coming for homeowners across the UK, including those wanting that first foot on the ladder.
‘We’re confident the upward trend in house prices will continue into next year.’
