New figures from Halifax have revealed the UK areas with the biggest rise in house prices.
The average property in the London borough on Islington now costs £727,922, which is a rise of 13.4% in 2020. Of the top 20 risers in the UK, nine were in Greater London.
House prices in Hounslow rose 9.1% to £523,659, whilst the average cost of a home in Croydon is up 10.9% rise to £397,538. Not all houses in London saw growth, however. Homes in Hackney were the second-biggest faller and prices declined by 1.5%.
Outside of London, Leeds saw house prices soar by 11.3% for an average of £247,116.
Russell Galley, Halifax’s managing director, said: “Much like many other things about 2020, it would have been hard to predict which areas would see the greatest movement in average house prices this year. For example, depending on the borough, you could be looking at the biggest price rise or the biggest falls in the capital.
“House prices have leapt by more than 11% in Yorkshire’s great cosmopolitan city of Leeds and almost 10% in Wolverhampton at the heart of the Black Country.
“Further north, Doncaster and Inverness have also seen healthy growth and whilst the overall house price trend this year has been upward, anyone looking to buy in Paisley, Hackney or Aberdeen will find homes cost a little bit less than last year.”
In Scotland, Edinburgh, saw house prices climb by 6% for an average price of £274,246. In Glasgow, house prices were down by 1.7%.
The top 10 risers in 2020 are as follows:
1. Islington – 13.4% to £727,922
2. Leeds – 11.3% to £247,115
3. Croydon – 10.9% to £397,538
4. Wolverhampton – 9.5% to £217,837
5. Hounslow – 9.1% to £523,659
6. Doncaster – 8.8% to £176,728
7. Inverness – 8.1% to 195,534
8. Bournemouth – 7.7% to £310,205
9. Watford – 7.7% to £460,102
10. Romford – 7.6% to £391,000