House prices across the UK have risen by almost 38% since the Brexit referendum, but growth has been heavily concentrated in Northern Ireland, Wales, Scotland and the north of England, according to new analysis.
Research by Yopa shows the average UK house price has increased by £73,974 since June 2016, rising from £196,106 to £270,080. However, the gains have been far from evenly spread, with traditionally more affordable markets significantly outperforming many parts of southern England.
Northern Ireland recorded the strongest growth over the decade, with average house prices rising by 69.8%, followed by Wales at 53.2% and Scotland at 42.2%. Within England, the North West led the way with growth of 56.7%, ahead of the West Midlands, East Midlands and Yorkshire and the Humber.
In contrast, London saw the weakest performance of any UK region, with average house prices increasing by just 10.3% since the referendum. The South East and East of England also recorded below-average growth.
The figures highlight the growing divergence between housing markets across the UK over the past decade, with northern regions and the devolved nations increasingly outperforming the capital and much of southern England.
Northern Ireland’s strongest growth has been recorded in Derry City and Strabane, where house prices have increased by 88.5%, while Blaenau Gwent leads Wales with growth of 77.7%.
Scotland’s standout performer has been Orkney Islands, where average house price has climbed by 133.3%, making it the strongest-performing local authority area across Great Britain.
Within England, Oldham recorded the largest increase in the North West at 86.2%, followed by Sandwell in the West Midlands (75.9%), and Bolsover in the East Midlands (68.5%).
Yorkshire & Humber has been led by Rotherham (59.1%), while County Durham tops the North East at 46.1%.
Elsewhere, the South West’s strongest performer has been the Forest of Dean (53.7%), while Maldon leads the East of England with growth of 39.9%. In the South East, Rother has recorded the strongest increase at 42.1%.
Even London’s best-performing borough has lagged behind many other parts of the country, with Redbridge recording growth of 31.7% over the last decade.
Looking at all local authority areas across the UK, Orkney Islands ranks first overall, having seen average house prices increase by £151,329, or 133.3%, since the Brexit referendum.
Derry City and Strabane ranks second, with prices increasing by £87,020, or 88.5%, while Oldham places third with growth of £98,152, or 86.2%.
Newry Mourne and Down has seen prices increase by £100,181, or 84.5%, followed by Salford at 81.5%, Causeway Coast and Glens at 80.9%, Rochdale at 80.6%, Blaenau Gwent at 77.7%, Fermanagh and Omagh at 76.8%, and Burnley at 76.1%.
At the other end of the spectrum, a small number of local authority areas have seen house prices fall over the last decade.
The largest decline has been recorded in the City of Aberdeen, where average house prices have fallen by -33.7%. The City of London has seen values fall by -31.7%, while the City of Westminster has recorded a decline of -24.7%.
Hammersmith & Fulham has recorded a decline of -8%, followed by Kensington and Chelsea (-5.6%), Tower Hamlets (-5.2%), Aberdeenshire (-4.6%), Wandsworth (-4.1%) and Southwark (-1.6%).
Verona Frankish, CEO of Yopa, commented: “While the Brexit referendum was one of the most significant political events in modern British history, the decade since has demonstrated that local market fundamentals remain the biggest driver of house price performance.
“What stands out most from this analysis is how much of the strongest growth has come from areas outside the traditional southern hotspots. Many buyers have looked beyond London and the South East in search of greater affordability, more space and better value for money, helping drive stronger price growth across Northern Ireland, Wales, Scotland and large parts of northern and central England.
“At the same time, the data highlights just how localised the property market remains. While some areas have seen house prices more than double over the last decade, others have experienced far more modest growth or even declines. It’s a reminder that national trends only ever tell part of the story.”
