London “ripple effect” boosts property prices and reveals North-South divide
The London ‘ripple effect’ has boosted house prices in commuter towns with Aylesbury leading a list of locations in the South East where values have rocketed in 2016.
The Buckinghamshire town has seen prices increase by a massive 21.5 per cent over the last 12 months to an average of £318,717.
Greenwich has seen the second highest increase of 19.91 per cent, with prices rising by £101,459 to an eye-watering £509,710.
And Ipswich comes in at third place with a rise of 19.59 per cent, in the property price index compiled by plentific.com.
Their 'What’s Hot' table is dominated by London and the South East, with just under half of the locations listed coming from the capital.
Wirral, which saw prices increase by 16.58 per cent or £32,000 in the last year, is the only northern area to reach the top ten.
After that, Chester, ranked 22nd, where values increase by 13.58 per cent and Stockport, ranked 30th, saw prices rise by 12.77 per cent.
Every town or city in the North registered increased house prices, except Middlesbrough, where they dropped 1.62 per cent.
Westminster, at the heart of the city, also saw values decline by 3.67 per cent or £45,787.
Plentific spokesperson Stephen Jury said the report gave a “valuable insight to those wanting to get onto the property ladder or invest in property in areas with good potential for price increases.”
The report also revealed that around 20 per cent of homeowners boosted the value of their properties by renovating or improving – leading to speculation that “a fixer-upper” in the right location could lead to “significant” increases in value.
In the top ten were: Aylesbury, Greenwich, Ipswich, Brentwood, Chelsea, Hammersmith, Sutton, St Albans, Reading and Wirral.
At the other end of the scale, Highland, Stoke-on-Trent, Newquay, Rotherham, Hackney, Salford, Bradford and St Ives all posted modest increases in property values.