House price winning counties from the past four years revealed: Cornwall and Manchester lead the way - where does your area rank?

  • Property values in Cornwall and Manchester up 36% in the last four years 
  • House price gap between the North and South is shrinking 
  • We reveal the full county-by-county list of how house prices have grown 

Cornwall and Greater Manchester are the counties that have seen the biggest house price growth in England since the start of 2019, according to exclusive analysis for This is Money.

Property values in each have risen 36 per cent, fuelled by a pandemic boom, the data shows.  

The average house price in Greater Manchester is now £232,170, according to Office for National Statistics data analysed by estate agent Hamptons. 

In Cornwall the average home is worth £315,280 – close to the national house price average of £307,400.

Cornish creamin' it: House prices in the county have increased 36% since 2019 and 5.5% in the past year

Cornish creamin' it: House prices in the county have increased 36% since 2019 and 5.5% in the past year

The data looked at house prices across England by county, revealing the areas that have seen the most property value growth.

Isaac Odegbami, research analyst at Hamptons, said 'The race for space has been the primary driver of price growth in Cornwall over the last few years. 

'And as the self-appointed capital of the North, Manchester has closed the gap faster than nearly anywhere else, underpinned by a goldrush transforming parts of the city centre into "Dubai on Deansgate".'

At the other end of the scale Greater London has seen the lowest growth of any county with prices increasing 14 per cent over the past four years, taking the average house price to £530,460.

However, despite sluggish growth detached homes in London are the only property group where the average price breaches the £1million mark at £1,090,210.

On the outskirts of the capital property prices in the home counties have fared better.

But of the ten counties that circle London including East and West Sussex, none have seen house prices increase by more than 29 per cent since before the pandemic - meaning none of them feature on the list.

Hertfordshire saw the lowest growth of the group with 18 per cent, taking the average house price in the county to £463,990.

RANKED: THE COUNTIES WITH THE BIGGEST HOUSE PRICE GAINS SINCE 2019
County Region Price average Q1 2023 Vs Q1 2019
Cornwall South West £315,280 36%
Greater Manchester North West £232,170 36%
Nottinghamshire East Midlands £235,090 34%
Cheshire North West £255,010 34%
Shropshire West Midlands £285,120 34%
Isle of Wight South East £292,510 34%
Derbyshire East Midlands £237,290 33%
Merseyside North West £193,540 33%
South Yorkshire Yorkshire & the Humber £187,570 32%
Leicestershire East Midlands £300,960 32%
Lancashire North West £189,300 32%
Somerset South West £305,910 31%
Devon South West £342,290 31%
West Yorkshire Yorkshire & the Humber £203,400 30%
Herefordshire West Midlands £302,940 30%
Norfolk East of England £295,440 29%
Northumberland North East £194,660 29%
Staffordshire West Midlands £246,910 29%
North Yorkshire Yorkshire & the Humber £281,450 29%
East Sussex South East £361,360 29%
Rutland East Midlands £386,380 29%
Bristol South West £357,450 28%
Worcestershire West Midlands £303,910 28%
Lincolnshire Yorkshire & the Humber £236,350 28%
West Midlands West Midlands £234,970 28%
Cumbria North West £178,050 27%
Gloucestershire South West £335,250 27%
Dorset South West £365,410 27%
Kent South East £369,300 27%
Warwickshire West Midlands £318,790 26%
East Riding of Yorkshire Yorkshire & the Humber £223,940 26%
Northamptonshire East Midlands £287,770 26%
England - £307,400 26%
Suffolk East of England £305,250 26%
West Sussex South East £403,070 25%
Oxfordshire South East £438,800 25%
Durham (County Durham) North West £155,570 25%
Wiltshire South West £343,690 25%
Tyne and Wear North East £172,040 24%
Cambridgeshire East of England £360,210 24%
Hampshire South East £386,090 24%
Bedfordshire East of England £340,230 22%
Essex East of England £379,810 22%
Surrey South East £529,500 20%
Buckinghamshire South East £479,910 19%
Berkshire South East £425,250 19%
Hertfordshire East of England £463,990 18%
London London £530,460 14%

North-South divide in house prices is narrowing

As well as highlighting individual counties, the data reveals the divide between properties the North and South of the country remains, with property prices in each half following distinct trends.

The list of counties more affordable than the national average contained all three of the most northern regions; North East, North West, and Yorkshire & the Humber. 

In addition almost all the counties in the midlands are also more affordable than the national average, bar Warwickshire and Rutland.

However, over the past few years these counties have outpaced those in the South in terms of price growth. 

Since 2019, the more affordable counties have recorded 30 per cent price growth and the more expensive, 24 per cent.

Both Lancashire and South Yorkshire are in the top five most affordable places to buy in the country, with average prices of £189,300 and £187,570 respectively, despite 32 per cent house price growth since 2019.

In contrast Surrey where the average house price is £529,000 – the second highest outside of London – property values have increased by 20 per cent over the period.

House price growth: The biggest winners of the last four years include Derbyshire and Chesire

House price growth: The biggest winners of the last four years include Derbyshire and Chesire

Mr Odegbami adds: 'As the house price cycle nears an end, we're now well past the point where house prices in the North and Midlands have started closing the gap with London and the South East. 

'In 2016, when price growth peaked in the South, the average home in London cost 221 per cent more than one in Greater Manchester. Today that gap has shrunk to 128 per cent.'

With Cornwall, Mr Odegbami says that working from home has been a major driver in price growh.

He says: 'As the home county for some of the most sought-after holiday locations in the country, the advent of working from home has attracted many movers to make Cornwall their permanent home. 

'While in 2019 the average home in London cost over double (+102 per cent) that in Cornwall, the extra space generally offered with homes in this South-westernmost corner and the recent premium these have obtained, has led to the price gap closing to 68 per cent.'

Price changes over the past year

Over the past year, price growth has slowed significantly across England compared to the whole period since 2019.

On average house prices increased 26 per cent in England from 2019- 2023, but 5.6 per cent in the last twelve months.

Only Derbyshire county saw double digit house price growth from the first quarter of 2022 to the same period this year. 

Prices increased 10.2 per cent over the 12 months, with the average house now worth £237,290.

Once again London saw the least growth of any county in England with prices increasing 2.7 per cent over the period.

Despite 9.2 per cent price growth since the first three months of 2022, Durham has the cheapest average house price in England at £155,570.

County Durham has the most affordable housing in England with an average price of £155,570

County Durham has the most affordable housing in England with an average price of £155,570

What happens next for house prices? 

Ongoing mortgage rate volatility could take a toll on property prices.

Property values were down 3.4 per cent annually in May, according to Nationwide - this is the biggest fall since 2009.

But other indexes reported smaller reductions, with Halifax saying prices fell 1 per cent annually.

This is Money spoke with two experts who know the market inside out: Rob Dix, co-founder of the property forum, Property Hub, and Charlie Lamdin, founder of property website BestAgent to get their thoughts. 

Lamdin believes the impact of higher interest rates are only just beginning to show in the data. He is predicting that prices will fall 35 per cent over a three year period.

Dix is more optimistic about prices, believing that we are likely to see only a small dip in the short term, due to a drop in the number of people buying and selling. 

What to do if you need a mortgage 

Borrowers who need to find a mortgage because their current fixed rate deal is coming to an end, or because they have agreed a house purchase, should explore their options as soon as possible.

This is Money's best mortgage rates calculator powered by L&C can show you deals that match your mortgage and property value

What if I need to remortgage? 

Borrowers should compare rates and speak to a mortgage broker and be prepared to act to secure a rate. 

Anyone with a fixed rate deal ending within the next six to nine months, should look into how much it would cost them to remortgage now - and consider locking into a new deal. 

Most mortgage deals allow fees to be added the loan and they are then only charged when it is taken out. By doing this, borrowers can secure a rate without paying expensive arrangement fees.

What if I am buying a home? 

Those with home purchases agreed should also aim to secure rates as soon as possible, so they know exactly what their monthly payments will be. 

Home buyers should beware overstretching themselves and be prepared for the possibility that house prices may fall from their current high levels, due to  higher mortgage rates limiting people's borrowing ability.

How to compare mortgage costs 

The best way to compare mortgage costs and find the right deal for you is to speak to a good broker.

You can use our best mortgage rates calculator to show deals matching your home value, mortgage size, term and fixed rate needs.

Be aware that rates can change quickly, however, and so the advice is that if you need a mortgage to compare rates and then speak to a broker as soon as possible, so they can help you find the right mortgage for you.

> Check the best fixed rate mortgages you could apply for 

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