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House prices more than double since 2007

Jake Carter

February 1, 2021

uk finance purchase house prices

House prices have risen by 54% since the market crash in 2007, according to StripeHomes.

Property values are now 27% higher than their pre-recession peak.

The data shows that the average UK house price is now £240,349, up from £155,701 following the crash.

Northern Ireland saw prices affected by the greatest margin, dropping by 38%.

This was followed by the South East of England, where prices fell 19%.

Property prices in London have risen by the largest amount since 2007, up 96% on the recession low of £250,068, and 65% higher than its pre-recession peak of £297,254.

The average property price in London is currently noted at £490,620.

Waltham Forest saw the largest bounce back since the recession, with house prices now 118% higher when compared to their 2009 low, and 97% more than their pre-recession peak in 2007.

Outside of London, Cambridge noted the greatest recovery with house prices up 94% since 2009; and 62% higher than their pre-crash peak.

James Forrester, managing director of StripeHomes, said: “There will be generations of UK homebuyers who will have known nothing other than upward house price growth, but those slightly longer in the tooth will have experienced at least one decline in the value of their bricks and mortar during their lifetime.

“However, the resilience of the UK property market and the cyclical nature of house price growth means that the market has well and truly bounced back, with all but a very small segment reaching new house price highs.

“Not only have the ghosts of the financial crash been laid to rest but house prices have far exceeded their pre-recession peaks and this demonstrates that, by and large, the property market remains the safest investment you can make during your lifetime.”


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