To say that 2020 has been quite an unusual year for the UK property market would be a major understatement. With the fallout of the COVID-19 crisis expected to linger for some time, real estate experts are predicting similarly turbulent conditions throughout much of 2021.
Uncertainty and economic turmoil have, however, had little impact on the appeal of some of the UK’s most desirable places to live. Looking ahead into 2021 and beyond, there are several towns and cities where property prices are predicted to continue accelerating wildly.
The Most Lucrative Places to Live or Own
According to the latest figures published by Ocean Finance, house price growth over the past two decades in some of England’s key towns and cities has been astonishing.
Right at the top of the table comes Manchester, with a whopping 143% average property price increase since 2000. This means that a property purchased for around £74,000 20 years ago would now be worth almost £180,000 – an enormous profit for those who invested at the right time.
Leicester followed in a close second position, having achieved an impressive 132% average property price growth in two decades. Those who bought in 2000 and sell in 2021 could be looking at average profits in the region of £155,000.
Bristol came in third, achieving 122% average property price growth from £137,742 to £291,839. That’s a huge profit of more than £150,000 on the table for those who sell in 2021.
Unsurprisingly, the vast majority of people who purchased properties in London 20 years ago could make an absolutely enormous profit by selling now. On average, a £360,000 property in London would sell for approximately £785,000 today – an increase of 116%.
Surprisingly, strong performance was noted in Kingston-Upon-Hull, where average property prices have increased by 112% over the past 20 years. In monetary terms, this amounts to an average profit of around £60,000 for those who purchased two decades ago and intend to sell on today’s market.
Cambridge didn’t trail too far behind with its own 101% average house price increase over the same two-decade period. Average house prices in Cambridge have risen from £224,000 to an astonishing £450,000, amounting to a generous profit of around £226,000.
Property prices in Brighton have also increased exponentially over the years – today’s average asking price is around £372,000, compared to just £187,000 20 years ago.
Homeowners in Derby who purchase properties in 2000 would have been looking at an average cost of just under £83,000 – their homes subsequently being worth an average of £162,000 today, an average increase of 96%.
Last but not least, Coventry has performed similarly well since 2000, having achieved an average property price increase of 95%. This means that a £97,000 property picked up 20 years ago would now sell for around £190,000, pocketing you an impressive profit in the process!