In effect, this means the two most recent censuses mark the bottom and the top of the market. And we can see this in the figures. Between 2011 and 2021 houses prices rose 50% across Great Britain. This equates to a total of £83,000 or average annual growth of 4.1% per year.
Seven of the ten local authorities where prices have grown the most are in London. And of these, three – Waltham Forest (120%), Hackney (111%) and Lewisham (101%) - have seen prices double over the last decade. Corby, Bristol and Basildon also ranked in the top 10 with prices increasing by 82%, 80% and 79% respectively.
But there have been areas where prices haven’t moved at all. Inverclyde, West of Glasgow and Hartlepool in the North East are good examples of this, while Aberdeen – hit hard by falling oil prices and subsequent job losses – has seen prices drop back by 10% over the last 10 years.
Across the country, the average house price in Great Britain has gone up from £168,200 in 2011 to £251,500 in 2021. Not surprising therefore to see that affordability has been stretched from 6.5 times gross full-time earnings a decade ago, to 8.2 times today.