The reality of 20 years of house price rises in Britain, from the places that have had a charmed life to the spots where it's a struggle to move back home
At first glance the ups and downs of the property market seem to even out over time — but dig in to the numbers and you'll see wild regional variations which paint a very difference picture. Annabel Dixon analyses new research which tells the story.


Do you dream of going back to your roots, spurred on by memories of your childhood home?
I would put myself in that camp. Home was an idyllic English setting, where I spent many hours as a child building dams in the stream, climbing trees and making dens. The annual summer fête was one of the highlights of the village calendar. Am I looking at it through rose-tinted glasses? Probably. But even if I tried to, financially I’d struggle to move back — and I'm not alone. According to new research from Zoopla, average house price growth of 74% over the last 20 years has priced many Brits out of their childhood hometowns.
From 2005 to today, the average UK house price has gone up from £154,300 to £268,200. As you'd expect, wages have increased too — the average wage has gone from around £24k to £37.5k — which has kept price-to-earnings ratios relatively steady, with the average home costing around seven times the average earnings. The problem, though? 'The picture is far from uniform across the UK’, according to Daniel Copley, Zoopla’s consumer expert.
20 years of rising house prices, region-by-region
What’s happened to average house prices in your childhood hometown over the last 20 years? Here’s how the regions compare:
- London: 119%
- South East: 87%
- East of England: 87%
- South West: 74%
- East Midlands: 70%
- West Midlands: 67%
- Wales: 64%
- Scotland: 63%
- North West: 59%
- Yorkshire & the Humber 57%
- North East: 26%
‘Our data shows that while some areas have seen dramatic increases, house prices have risen slowly, in line with incomes in northern regions,’ he explains.
‘This means that for some, the dream of returning to their roots might be much more attainable than they think.’
Unsurprisingly, that nostalgic return home is most out of reach for those who were raised in London. House prices in the capital have soared by a staggering 119% over the last two decades.
In London, Kensington & Chelsea has seen the biggest increase of all: 124%. This neighbourhood is renowned for its high-end shops and restaurants, world-class galleries and museums, Holland Park and Kensington Palace. It’s home to some prized townhouses too, just like this one, on sale for £30,000,000 via Strutt & Parker.
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It's tricky to place these prices in context since such homes change hands rarely, and refurbishment work makes an enormous difference to asking prices. That said, a similarly-sized home across the road sold for £32.5m in May 2023, having previously sold for £17m in June 2019, and £3.5m in November 1998.
Tom Bill, head of UK residential research at Knight Frank, says: ‘The squeeze in London means more buyers are looking beyond the M25 and that often includes locations where they have roots, a trend that was accelerated by the pandemic and shifting work patterns.’
The south east and east of England have also registered significant jumps: property values in both regions climbed by 87%.
Within the south east, the biggest average increase was in Elmbridge, Surrey: 110%. Zoopla points out that despite its high prices (an average £712,700), it has excellent transport links to London and picturesque countryside.
‘Elmbridge has long been considered the pinnacle of Surrey's Stockbroker Belt, with fast and direct train services into London from popular towns, such as Esher and Cobham. These areas offer the perfect balance of countryside living and easy city access,’ explains Jason Corbett of Rowallan Buying Agents.
‘Many of the borough's expansive detached homes have large gardens, providing ample space for families. Additionally, the selection of outstanding schools in the area enhances its appeal further, making it top draw for those seeking both convenience and an exceptional quality of life.’
Cobham, the location of Chelsea Football Club's training ground, has ‘a sheen of exclusivity and prestige’, Corbett adds. Like the sound of it? This charming Grade II listed house in Cobham, on sale with Savills, is on the market at £2,250,000.
St Albans claimed the biggest rise in average house prices in the east of England. Here, values increased by 108%. It’s popular with commuters - and boasts a striking cathedral and Roman architecture. Close to the city centre is this handsome wisteria-clad home, on sale with Strutt & Parker for £2,000,000.
The prospects are brighter for those who grew up further north. Average house prices in the north east of England have increased by 26% since 2005, the smallest rise of any UK region. What’s more, house price to earnings ratios have improved the most in this neck of the woods compared with the rest of the UK.
Bill says: ‘If you grew up in north east England, bought in London and are now returning to your roots, you’re in luck. You will get significantly more bang for your buck and the equity accumulated means your mortgage could be wiped out altogether.’
Average prices in the north east of England have climbed the most in Northumberland: 39%. Home to Northumberland National Park and a picturesque coastline, it’s an unspoilt part of the country. Looking for inspiration? This light and airy property with top notch sea views is not far from Alnwick Castle, made (even more) famous by Harry Potter. It’s on sale for £1,750,000 via Knight Frank.
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