Research shows UK cities that have had the largest property prices increases over the last 20 years
New research has revealed where in the UK has seen the largest and smallest increases in property prices over the last 20 years.
New research by Plumbnation has compiled average property price data from cities across the UK from 2022 all the way back to 2002. The research has ranked the property prices per city based on the difference as a percentage to reveal which cities could be goldmines if you bought them 20 years back.
UK cities with the largest increase in property price:
|
Rank |
City | Cost of all Property Types 2022 | Cost of all Property Types 2002 | Price Difference % |
| 1 | Manchester | £210,647 | £48,845 | 331.26% |
| 2 | Salford | £197,047 | £50,567 | 289.68% |
| 3 | Leicester | £220,058 | £61,232 | 259.38% |
| 4 | Kingston Upon Hull | £125,726 | £36,847 | 241.21% |
| 5 | Bristol | £333,058 | £97,875 | 240.29% |
| 6 | Stoke-on-Trent | £136,563 | £40,489 | 237.28% |
| 7 | Sheffield | £199,058 | £59,604 | 233.97% |
| 8 | Liverpool | £168,768 | £50,539 | 233.94% |
| 9 | Burnley | £110,630 | £33,210 | 233.12% |
Manchester
In first place is the city of Manchester which reported a total price difference of 331.26% from 2002 to 2022. With a total price increase of £161, 802, based on ONS figures, that is more than four times the amount of the average UK salary as of 2021. Based on the average annual rate of inflation, this property cost for Manchester in 2002 would now be £84,549.42, which is almost double the price – meaning if you bought any property in Manchester twenty years ago, you could be sitting on a veritable goldmine.
Salford
In second place is the city of Salford, having a total increase in property prices of 289.68% – meaning two northern cities have ranked in the top three, with both cities having a remarkably low cost of entry into property ownership. This seems to be the deciding factor when comparing the northern and southern cities – the initial cost of property in 2002 is simply higher in the south, for the most part, making buying property in the north more lucrative.
Leicester
Moving a little further south from the great northern cities into the East Midlands, we have Leicester with a 259.38% increase in property prices over the last two decades, with a cost of entry at just over £61,000 two decades ago. Overall, the price difference as a raw monetary figure is £158,826, some £10,000 higher than the Salford difference, however, the initial cost of buying a house in 2002 is also around £10,000 higher, making Leicester slightly less of a deal compared to the two northern cities above.
UK cities with the lowest increase in property price:
| City | Rank | Cost of all Property Types 2022 | Cost of all Property Types 2002 | Price Difference % |
| Reading | 1 | £315,483 | £134,404 | 134.73% |
| Blackpool | 2 | £127,987 | £51,676 | 147.67% |
| Worcester | 3 | £238,742 | £96,322 | 147.86% |
| Southampton | 4 | £239,425 | £96,505 | 148.10% |
| Durham | 5 | £120,612 | £48,138 | 150.55% |
| Newcastle | 6 | £185,610 | £72,899 | 154.61% |
| Portsmouth | 7 | £234,575 | £91,095 | 157.51% |
| Preston | 8 | £146,889 | £55,671 | 163.85% |
| Sunderland | 9 | £137,266 | £51,801 | 164.99% |
| Chester | 10 | £242,170 | £90,512 | 167.56% |
Coming in as the lowest price increase for properties in the last two decades is Reading, with an increase of 134.73% – two and a half times worse than Manchester. Reading had the sixth-highest cost for properties in 2002, meaning you had to put in much more money than other locations to see lesser profits. The cost of entry for buying property in 2002 is nearly seven times higher than ONS data for the average salary (£20,376) of that year.
Further insights:
- UK city with the largest increase in detached properties is Manchester, with an average house price of £390,388 in 2022 compared to £88,488 in 2002.
- K city with the largest increase in semi-detached properties is Manchester, with an average house price of £263,965 in 2022 compared to £57,166 in 2002.
- UK city with the largest increase in terraced properties is Manchester, with an average house price of £198,122 in 2022 compared to £41,533 in 2002.
- UK city with the largest increase in flats and maisonettes is Manchester, with an average house price of £179,220 in 2022 compared to £49,943 in 2002.
You can view the research in full here.
Kindly shared by Plumbnation
Main photo courtesy of Pixabay
