House prices in Redbridge have risen 346% in 20 years
PUBLISHED: 12:00 03 January 2020
The price of a home in Redbridge has risen by more than 300 per cent since the year 2000.
In its assessment of UK house prices since the turn of the millennium, the Halifax bank found that at the end of 1999 the average price of a house in the borough would have set buyers back £111,181.
However, by the end of November 2019, that figure had soared to £495,339, an increase of 346pc, putting Redbridge in fourth position for the biggest rise in house prices in the UK.
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Redbridge is one of nine London boroughs in the top 10 biggest risers: Newham (429pc), Waltham Forest (418pc), Hackney (339pc) and Barking and Dagenham (335pc) are ranked first, second, fifth and sixth, according to Halifax.
Brighton and Hove is the only local authority outside London to make the top 10.
First-time buyers are also facing into higher prices than 20 years ago, with the cost of a first home outstripping the increases seen in the average UK home.
At the end of 1999, the average first home cost £63,640, rising 264pc to £231,442 last year.
Halifax managing director, Russell Galley, said: "The rise in house prices in London since the turn of the century is well documented. A sharp decrease in affordability just shows how quickly the market has moved."