Crawley has come top of the list for house price surges in new towns, with properties increasing in value by a whopping 543% over the last 30 years. Research by Halifax has revealed that back in 1994, the average house price in Crawley was just £63,712. Fast forward to 2024, and that same average house price has soared to an eye-watering £409,836.
New Town Boom
Crawley isn’t the only town to experience this phenomenon. After the Second World War, a wave of “New Towns” were created across the UK under the New Towns Act 1946. These towns have seen some of the biggest increases in property values.
Here are the top three new towns for house price growth:
- Crawley: 543% increase (from £63,712 to £409,836)
- Craigavon, Northern Ireland: 524% increase (from £31,189 to £194,560)
- Hemel Hempstead: 520% increase (from £70,502 to £436,986)
Good News for Homeowners, But What About First-Time Buyers?
Amanda Bryden, head of Halifax Mortgages, commented on the findings: “New towns have played an important role over the years in helping to provide additional, affordable housing options across the UK.”
She added: “With the government’s ambitious plan to build a new generation of new towns, our research shows that while they offer homeowners the potential to benefit from significant price growth, they also present attractive opportunities for first-time buyers.”
Affordability is Key
However, the huge surge in property prices does raise concerns about affordability. Ms Bryden stressed the importance of making new towns accessible for everyone: “It’s vital that a new towns policy prioritises affordability and sustainability. Placing social and affordable housing options, energy-efficient buildings, green spaces, and accessible public transport at their core would give a clear signal to both investors and developers that these vibrant communities will not only address the current housing shortage, but also contribute to a more sustainable future.”