Skegness, Leeds and Redruth – the three fastest growing areas

Properties in Skegness have seen the largest price growth in England, where prices have more than doubled (101%) in five years.

The Lincolnshire seaside town has seen prices jump from £182,353 in 2018 to £367,240 in 2023.

Second is Leeds, which has seen growth of 84%, with the average property price now sitting at £453,567, followed by Redruth in Cornwall, where prices have risen by 75% to £421,121.

Heather Staff, co-founder of Street.co.uk, said: “The Brits are known for their obsession with house prices, especially when they are falling rather than rising. Our research should reassure homeowners and investors across the South West, Midlands and the North, as these regions have seen sizeable average price growth over the last five years. However, London and the South East are lagging, with sluggish capital growth.

“Currently, house prices are under the greatest pressure in London and the South East as mortgage rate hikes take their toll. Current figures show that over the last 12 months, the South East has experienced the biggest house price falls at 6%, with the average house price in the region now at £374,066.

“While 80% of regions in the UK have registered house price falls over the last 12 months, when we take a longer-term view of the property market, we can see that many UK towns and cities have seen exceptional price growth, which should reassure homeowners and investors during this price downturn.”

Greater London has featured just once in the top 20, with Ealing in 7th position, having seen house prices rise by 41% since 2018.

Wales features heavily in the top 20, with four entries – Caernarfon, Gwynedd (54%); Llanelli, Carmarthenshire (42%); Blackwood, Caerphilly (35%); and Ebbw Vale, Gwent (31%).