The quaint city of St Albans has emerged as Britain’s luckiest town for homeowners, with property values skyrocketing by nearly £300,000 in the past two decades. This significant financial boon places St Albans at the top of the list for property investment returns outside of London, far surpassing the national average increase of £160,000.
Nestled in Hertfordshire, St Albans is not just rich in Roman history but now also in property wealth. Over the past 20 years, homeowners in this small city, which spans just under 7 square miles and houses a population of just over 90,000, have seen an average property price increase of £288,542, marking a phenomenal growth rate of 157.6%. This makes it the most lucrative city for property investments outside the capital since 2004.
Comparative Property Growth
While St Albans shines bright, London continues to hold its ground with staggering increases in property values. The affluent areas of Kensington and Chelsea, and Westminster, have seen their property values surge by more than £700,000 and £500,000 respectively over the same period. This reflects the vast economic divides that characterise different regions of the UK.
Conversely, homeowners in Blackpool have not been as fortunate. Despite its popularity as a seaside destination, properties in Blackpool have experienced a modest increase of just £49,000 over two decades, the lowest across the UK.
Property Prices Across the UK
The research by Purplebricks highlights a diverse property market. In London’s peripheries, places like Epsom & Ewell and Mole Valley in Surrey have also seen property values more than double. Epsom & Ewell, in particular, boasts a robust 162.6% increase since 2004, fueled by its convenient London access.
However, the property market hasn’t been as kind to all. The North of England and Scotland have generally seen lower growth rates. Lancashire and areas like Inverclyde and County Durham, despite their historical and scenic appeal, rank among the locations with the least returns on property investments.
Insights from Purplebricks
Sam Mitchell, CEO of Purplebricks, comments on the findings, stating, “Bricks and mortar has long been one of the safest and most secure investments in Britain.” He further reassures that the data underscores the substantial benefits of investing in a forever home, which not only serves as a place of residence but also a significant financial asset.
The research lists Kensington and Chelsea as having the highest rise in average property prices over 20 years, with a staggering increase of £701,354. On the flip side, Blackpool and Inverclyde have seen the least growth in property values.