A new study has been released looking at the changing values of properties throughout the UK from 1983 to 2013.
Produced by estate agents Winkworth, the data shows that house prices are once again on their way to reaching the 2006 peak value achieved before the financial crisis hit the country.
Winkworth revealed that in 30 years, the average UK house price has increased from under £50,000 to over £250,000. This is ignoring the £300,000+ peak seen just before the market collapsed.
The rising prices look set to continue, with Nationwide reporting an 8.4 per cent rise in values during 2013. Many forecasts also suggest that 2014 will see a further increase in house prices of eight per cent.
In addition to presenting the statistics for London and the rest of the UK, house prices were also examined in the most expensive area in the country – Knightsbridge and Belgravia in the capital.
According to Winkworth, the five-year average house price for a property in this area is £2,663,256 (recorded up to 2012).
With this value expected to increase in the coming years, it is predicted the area will be a hive of activity for national and international investors looking towards top quality property.
It’s not surprising either, as property prices in this area are estimated to witness a further 22.7 per cent rise from 2014 to 2018, offering a significant return.
However, if property in London is out of your price range for an investment opportunity, this shouldn’t discourage you from putting your money in bricks and mortar. Regional areas in the UK are performing well too, offering favourable returns at a lower initial cost.
For those looking at the buy-to-let market, properties in Glasgow, Cardiff and Barnsley have recently been recommended, due to rapid rises in rental costs in these areas.
Furthermore, properties in Barnsley, for example, command a much lower cost of purchase than other areas, meaning you can really benefit from the monthly rental income.