"The differing price of property across the UK market means that the actual cash increase has been sizable, even in the worst-performing regions."
Analysis of Land Registry data by Keller Williams UK found that the average UK homeowner has seen a cash boost of £23,116 in just 12 months, with the average UK house price climbing from £231,508 in May 2020 to £254,624 in May 2021.
Regionally, the South East has seen the biggest increase with the average home now worth £29,199 more than a year ago.
The latest UK House Price index shows that the North West has seen the largest rate of annual growth of all regions at 15.2%. The region has also seen the second-largest cash increase in the last year at £24,987.
In contrast, London has seen the lowest rate of annual growth of all regions at 5.2%, but the higher price of property in the capital means that London homeowners have enjoyed the third-highest cash increase at £24,987.
The capital is also home to the area that has enjoyed by far the highest cash increase at local authority level. Homeowners in Hammersmith and Fulham have seen the value of their home increase by a huge £101,496 in the last year alone. However, just one other area of London makes the top 10 biggest cash increase, with homeowners in Bromley enjoying a £59,885 jump in the value of their home.
Outside of London, the average house price in Rutland has climbed by £88,625 in a year, with Oxford (£63,009), West Devon (£61,513) and Cotswolds (£60,825) also seeing values climb by more than £60,000.
Other areas to make the top 10 include Elmbridge (£57,168), Mole Valley (£54,824), Derbyshire Dales (£52,181) and Three Rivers (£47,607).
CEO of Keller Williams UK, Ben Taylor, commented: “The latest market data shows that house prices have climbed by 10% across the UK which is a phenomenal rate of growth. While not all areas have performed as strongly in percentage terms, the differing price of property across the UK market means that the actual cash increase has been sizable, even in the worst-performing regions.
On average, UK homeowners are over £23,000 better off than they were year ago and this is proof, if ever it were needed, that there’s no better investment than bricks and mortar.”