London house prices have more than doubled in the past 20 years to an average of £534,400, according to new research.
Back in 2005 the average house price in the capital was £244,200 the Zoopla data found, a sum that will make today’s priced out would-be buyers laugh bitterly after a 119 per cent rise.
House prices have more than doubled from the most expensive borough to the cheapest.
Kensington & Chelsea saw the biggest percentage increase in two decades, rising 124 per cent to a borough average of £1.13 million from £504,000.
Meanwhile Barking & Dagenham prices rose 105 per cent to £388,000 from £165,000.
The average UK house price has surged by 74 per cent or more than £150,000 in the same period.
Across the past two decades, the typical property value has risen from £113,900 to £268,200, Zoopla said.
The website said that sharp rises in property values in some locations could mean some people find themselves priced out of the places where they grew up.
As well as London, the South East and eastern England have also seen a particularly big jump in house prices, with average property values rising by 87 per cent in both regions over the past 20 years.
By contrast, house prices in the north-east of England have risen by 39 per cent during the period and have got more affordable, with the house price to earnings ratio dropping from 5.7 to 4.
In Blackpool in Lancashire, average house prices have increased by 26% over the past 20 years, and in Sunderland in Tyne and Wear they have risen by 22%.
Meanwhile Elmbridge in Surrey experience a 110 per cent rise, and St Albans in Hertfordshire a 108 per cent uplift.
Tom Bill, head of UK residential research at Knight Frank, said: “If you grew up in north-east England, bought in London and are now returning to your roots, you’re in luck.
“You will get significantly more bang for your buck and the equity accumulated means your mortgage could be wiped out altogether.
“The gap between the capital and the rest of the country has narrowed in recent years as more affordable parts of the UK have seen stronger house price growth.
“The squeeze in London means more buyers are looking beyond the M25, and that often includes locations where they have roots, a trend that was accelerated by the pandemic and shifting work patterns.”
Daniel Copley, a consumer expert at Zoopla, which has affordability tools on its website, said: “Our latest analysis certainly brings to light the profound impact that two decades of house price growth has had on the dream of ‘returning home’.
“UK house prices have soared by 74 per cent since 2005, making that nostalgic return financially unattainable for many, especially in hotspots in the South East and eastern England.
“However, the picture is far from uniform across the UK. Our data shows that while some areas have seen dramatic increases, house prices have risen slowly, in line with incomes in northern regions. This means that for some, the dream of returning to their roots might be much more attainable than they think.”
Zoopla used its house price index, comparing the difference between average house prices in April 2025 and April 2024, as part of its research.
It also commissioned an Opinium survey among 2,000 people across the UK in June, which indicated that more than half (52 per cent) would consider moving back to the location where they grew up.
Toby Leek, president of NAEA (National Association of Estate Agents) Propertymark, said: “Rural and picturesque areas across the county are popular destinations that many people choose to move to, especially those that are looking for a quiet escape, such as certain coastal locations. However, this sometimes comes with a bigger price tag.
“As places increase in popularity, this raises house prices to levels that mean many current or ex-locals who may wish to move back to their home towns where they grew up could find it hard to afford to purchase a home. It also has the potential to be extremely challenging for people to migrate around the locality as well, due to higher prices.”
