Everyone knows that London house prices are the highest in the land, but what about the rate of property price growth over time? It would seem logical that London would also top the list of places where prices have increased the most, but recent data* tells a different story. In fact, London comes fourth in the list of UK locations where house prices have grown the most over the past decade.
What the figures reveal is a far more complex picture than the 'London vs. rest of UK' understanding of Britain's property market. The top spot goes to Maldon, Essex, where house prices have increased by a staggering 180 per cent since 2009. The reasons? Essex has had a huge revival during the past decade – cheaper than Surrey and full of pretty towns – Maldon prominent among them – that are within commuting distance of London.
Malvern Hills in Worcestershire comes second, with a house price increase of over 145 per cent. Sporting some of the prettiest countryside in England and full of great schools, we can easily see why this area has become a popular destination for families escaping the city for a quieter life.
And the third place goes to Cambridge, where house prices have risen by 87 per cent – more than London, at 86 per cent. The expansion of Cambridge University will surely be part of the reason for this sharp increase, with big tech labs partnering up with the university and building science parks in the city. Good news for the city's university workers, though many residents have been complaining that Cambridge is fast becoming unaffordable.
Thinking of moving to – or out of – one of these locations? Find out everything you need to know about mortgages in our guide.
*Land Registry data analysed by Compare the Market