House prices in the UK have soared over the last few decades due to the rise of inflation, with the average property price now four times as much as it was 20 years prior. Whilst most parts of the country have seen the cost of homes skyrocket, there are certain areas where house prices have changed significantly in the last two decades.
New research by Plumbnation has compiled data from cities across the UK, looking at what the average house price is now in 2022 and comparing this to 2002. The research, which is based on figures from the Office for National Statistics, ranked the percentage difference for each city to reveal where property prices have gone up the most.
Coming out on top was Manchester, where the cost of a property back in 2002 was just £48,845. With the standard cost of a home now £210,647, according to ONS, this means that house prices have gone up by £161,802 in the last 20 years.
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Using the average annual rate of inflation, the cost of a property in Manchester in 2002 would equate to just £84,549 today.
Manchester has seen the largest increase in the price of detached, semi-detached and terraced properties. Back in 2002, you could buy a detached house for around £88,488, whereas the average price is now £390,388 in 2022.
The average cost of a terraced home in Manchester is now £198,122, compared to 2002 where the average price was £41,533.
Next up in the ranking is the city of Salford, neighbouring the city of Manchester, where house prices have increased by £146,480 since 2002.
20 years ago you could purchase a home in Salford for £50,567, whereas now it would set you back £197,047 on average.
Another northern city made the top three places with the largest house price growth, with Leicester coming out in third place.
Also making the list of UK cities with the largest increase in property prices is Hull, Bristol, Stoke-on-Trent, Sheffield and Liverpool.
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