House prices have rocketed 300% in England and Wales since 1995 – analysis

House prices in some parts of England and Wales have increased by almost 1,000% over the past two decades, with Oval in south London seeing the biggest price surge in that period, according to research by property firm Savills.

Analysis of Land Registry data for second-hand properties shows that across England and Wales the average house price grew by 300% between 1995 and 2015, from £66,110 to £262,847.

Only 5.5% of electoral wards had average sale prices of less than £100,000 in 2015, compared with 88% 20 years previously. Savills also found 66 wards had an average sale price of more than £1m – 53 of which were in London – while in 1995 just eight wards had an average price above £300,000.

Savills’ head of UK residential research, Lucian Cook, who did the analysis, said the figures showed a growing divide between regions.

The 5% of electoral wards where prices had grown most saw increases averaging 538%, with prices up from £108,032 in 1995 to £689,649 in 2015. The 5% with the smallest increases saw growth averaging 148% – lifting prices from £46,819 to £115,954.

“The 20 biggest risers are dominated by central London markets, though they also include some areas that have seen substantial gentrification over the period,” said Cook.

Outside London, areas of Oxford and Brighton appear several times on the list. The biggest increase was seen in St Margaret’s in north Oxford, where prices increased by 659% to an average of £1.2m. A nearby part of the university city came third, with a similar increase.

Cook said that there might be “a few oddities in the list” such as Milborne Port in Somerset, which was second on the list of biggest price rises outside London and where the average might be affected by a few large sales.

“At the other end of the scale are a number of areas through the north of England and Wales that have often witnessed significant post-industrial economic decline or are associated with high levels of social and economic deprivation,” he said.

“These include a number of wards in Blackpool and Middlesbrough.”

Russell Quirk, of online estate agent eMoov, said that like many other parts of London, Oval had changed dramatically over the past two decades and had received a jobs boost from work around the cricket ground.

“Development around the Oval area has seen demand for property increase, whether it be the property market or infrastructure,” he said. “Its close proximity to a number of key areas of London, as well as the short commute to these areas, has also been a big influence in Oval’s rising popularity.”

Meanwhile, in Marylebone and Knightsbridge prices were driven up by an influx of overseas buyers.

Outside London, Quirk said the South Tyneside area had seen less demand for homes as the economy there had declined.

“Once a cornerstone of the world’s shipbuilding industry, as well as a hub for coal mining and exports, the South Tyneside area has seen its once strong economy decline,” he said.

“When this happens smaller residential areas such as Primrose are going to see demand for property plummet, as the lack of employment opportunities transfers over to the local property market.”