Islington had the largest home price increase in 2020: 13.4%
Almost £ 730,000 costs an average property in Islington.
In North London, Islington has shown the fastest house price growth during 2020, with an average property increasing 13.4% to £ 727,922, according to real estate agent Halifax.
At the other end of the table, the price of an average house in Paisley, west of Glasgow, fell 1.7% to £ 138,036.
While in many boroughs of London average house prices rose much faster than last year, Hackney, which borders Islington in northeast London, saw a 1.5% drop to £ 636,000 to become the second-biggest drop.
Overall, London’s median house price rose 6%, occupying nine of the top 20 places. Croydon, south of London, posted the capital’s second-highest rise at 10.9%.
Outside of London, Leeds was second overall, posting an 11.3% increase to £ 247,116, followed by Wolverhampton, an increase of 9.5% to £ 217,837.
Russell Galley, Managing Director of Halifax, said: “Like many other things about 2020, it would have been difficult to predict which areas would see the most movement in median home prices this year. For example, depending on the municipality, you could be seeing the most significant price increase or the biggest drops in the capital.
“Stamp duty holiday drove price growth.”
“House prices have soared more than 11% in the great cosmopolitan city of Leeds, in Yorkshire, and almost 10% in Wolverhampton, in the heart of the Black Country.”
“Further north, Doncaster and Inverness have also seen healthy growth, and while the overall house price trend this year has been upward, anyone looking to buy in Paisley, Hackney, or Aberdeen will find that homes cost a little less than last year.”
Inverness, in the Highlands, where houses now cost an average of £ 195,534, saw the most prominent house price rises in Scotland this year, with an average increase of 8.1%. That compares with no increase at all between 2018 and 2019. In Edinburgh, property prices rose 6% to an average of £ 274,246.
On the other hand, in Aberdeen and Falkirk, house prices fell by 1.4% and 0.8%, respectively, the third and fourth-largest drop in the UK overall. Buyers can expect to pay £ 200,810 on average for a home in Aberdeen or £ 175,789 in Falkirk.
In London, even some of the closest neighbors have some of the most significant contrasts. Islington, Croydon, Hounslow, Romford, Richmond, Kingston, Lambeth, Sutton, and Hillingdon have seen some of the year’s largest home price increases. During the same period, Hackney, Merton, Greenwich, Tower Hamlets, Haringey, and Wandsworth all posted a drop or some of the lowest annual growth rates when looking at the whole of the UK.
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