The well-known saying that house prices double every 10 years may no longer hold true, according to new findings by Zoopla.
Their analysis shows that, on average, property prices have not doubled — even over a 20-year span.
Across Britain, average house prices have gone up by 74 per cent in the last two decades. In 2004, the typical home was worth around £154,300. Today, that figure stands at approximately £268,200.
When compared to the rate of inflation, this increase isn’t as impressive as it may seem. Consumer price inflation over the same period has been about 76 per cent, while retail price inflation reached around 107.5 per cent, based on official inflation calculators.
Zoopla also notes that the gap between house prices and average earnings has remained largely stable. The average home still costs roughly 6.4 times the annual salary of a typical worker.
This suggests that, in terms of income ratios, property hasn’t become any less affordable over time — at least on a national scale.
However, this picture becomes less clear when looking at different parts of the UK.
In some regions, house prices have grown significantly more than in others. This creates a mixed reality where affordability and returns on property investment vary sharply.
The differences between regional markets highlight why generalisations about national house price trends can be misleading.
For example, areas in the South East and parts of London saw much larger price hikes than places in the North or Midlands.
Meanwhile, some locations have experienced sluggish growth, meaning buyers there are less likely to have seen big gains over time.
The uneven pace of growth means that where you live has had a major impact on how much your home has appreciated in value.
This raises questions about how useful national averages really are when discussing house price trends and affordability.
It also shows that investors and first-time buyers alike need to consider local market conditions carefully.
Property values are influenced by a range of factors, including demand, local job markets, transport links, and regional investment.
As such, the assumption that house prices double every 10 years may no longer be a reliable guide — especially in today’s more volatile economic climate.
In summary, while national figures suggest modest growth in house prices, the real story lies in the local data — and it’s there that the biggest differences can be seen.
Where have house prices risen most?
According to data from Zoopla, London has experienced the biggest rise in house prices over the past two decades.
The average property value in the capital has soared by 119 per cent since 2005. Back then, a typical home in London cost around £244,200. Today, that figure has climbed to approximately £534,400.
Elsewhere in the country, regions in the South East and Eastern England have also seen house prices rise more than the national average over the same period.
Both areas recorded an 87 per cent increase in average house prices during the last 20 years, indicating strong long-term growth in those markets.
Alongside this, the ratio of house prices to earnings has also gone up in both regions, showing that affordability has shifted.
In the South East, this ratio rose from 7.8 to 8.6, while in Eastern England it increased from 7.1 to 7.7.
These figures suggest that homes in these regions have become less affordable in terms of local incomes.
Despite the strong growth, the increasing price-to-income ratios raise concerns about housing accessibility for local residents.
This trend also highlights how location continues to play a critical role in property investment returns and affordability challenges.
It reinforces the idea that while house prices may not have doubled everywhere, some parts of the UK have still seen significant gains.
Why exactly where you live matters for house prices
Even within the same region, some local areas have performed much better than others when it comes to house price growth.
Take the South East, for example. Elmbridge in Surrey has recorded the largest rise in average property prices over the past 20 years. Homes there have gone up from £338,800 to an impressive £712,700 — marking a 110 per cent increase.
Despite being one of the more expensive locations, Elmbridge remains highly desirable. Its strong transport links to London and its scenic countryside setting continue to attract families looking for both convenience and lifestyle.
However, not all areas in the South East have seen the same level of growth. Southampton in Hampshire had the lowest average increase in the region. Property prices there rose by just 63 per cent over the past two decades — from £138,500 to £225,500.
A similar pattern appears in Eastern England. St Albans leads the way with the region’s highest growth in average house prices. Since 2005, values have risen by 108 per cent — jumping from £298,600 to £622,100.
Located just 25 miles from the capital, St Albans is particularly popular with commuters. The city’s rich history, Roman architecture, and iconic cathedral also add to its appeal.
That said, Eastern England also offers more affordable options. Great Yarmouth, a well-liked coastal town, recorded the region’s lowest property price growth over the same period.
In Great Yarmouth, average house prices went up by 77 per cent — increasing from £105,900 to £187,700 over the last two decades.
These examples highlight just how much house price trends can vary not only between regions, but also within them.
While some towns have seen property values surge well above the national average, others have grown at a much slower pace.
This variation means local factors — such as proximity to London, transport networks, or lifestyle offerings — continue to play a key role in driving property demand.
It also shows that generalising trends across an entire region can often overlook key differences at the local level.
For buyers and investors alike, these localised insights can make a significant difference when making decisions.
Understanding the specific dynamics of each town or city is crucial, especially in a housing market as varied as the UK’s.
The North-South divide: what’s happening?
Zoopla’s latest data highlights a noticeable divide between the North and South of England when it comes to house price growth. However, this gap appears to be narrowing in more recent years.
Over the past two decades, the North East has seen the lowest increase in average house prices across all regions, with a rise of just 39 per cent.
Interestingly, affordability has improved most significantly in this part of the country. In the North East, the house price-to-earnings ratio has dropped from 5.7 to 4, suggesting homes have become more affordable compared to local wages.
Sunderland, in particular, has recorded the smallest growth in house prices in the region. Property values there have risen by only 22 per cent over the last 20 years — from £101,600 to £124,000.
Elsewhere in the North, similar trends have emerged. Both the North West and Yorkshire have seen better affordability, with house price-to-income ratios falling from 6 to 5.1 in the North West and from 5.7 to 5 in Yorkshire.
In Blackpool, a seaside town along the North West coast, the average house price has risen modestly from £98,400 in 2005 to £124,300 today — a 26 per cent increase.
Hull, Yorkshire’s fourth-largest city, has experienced a 49 per cent rise in house prices, with the average home now worth £38,100 more than it was two decades ago.
Daniel Copley, a consumer expert at Zoopla, pointed out that house price trends across the UK are far from uniform. While certain areas have seen dramatic price surges, the North has largely experienced slower, more manageable increases.
This pattern means that, for buyers today, northern regions offer much greater value for money than in the past — especially compared to the more expensive South.
According to Tom Bill, Head of UK Residential Research at Knight Frank, buyers returning to the North after owning property in the capital are in a fortunate position.
Those moving back to the North East from London may find that their accumulated equity could cover their next home purchase entirely — eliminating the need for a new mortgage.
Bill added that the price gap between London and the rest of the country has continued to shrink, driven in part by stronger price growth in more affordable regions.
As rising costs squeeze London-based buyers, many are widening their search beyond the M25. This shift has been especially pronounced since the pandemic and the rise in flexible working.
More people are now choosing to move closer to their hometowns or family ties, often in regions offering far better affordability and quality of life.
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