House prices in Royal Leamington Spa have risen by 273% in the last 20 years, new research from Halifax has found, with the increase the second largest in the country outside of London.
The research showed a clear divide between the capital and the rest of Britain. Whilst house prices have risen nationally by an average of 236% over the last two decades, the figure for Greater London is 402%.
Leamington is one of only twelve towns outside of London and the south where prices have risen by more than the national average.
Figures published last year showed that the average price per square metre in Leamington was £2,645, with Halifax also placing the town as one of only nine places outside of London and the south where house price per square metre is higher than the national average of £2,260.
Over the last 20 years the gap between southern England, particularly London, and the rest of the country has increased significantly.
Russell Galley, Managing Director of Halifax
Leamington is proving an exception to an increasingly clear north-south divide when it comes to house prices, with the managing director of Halifax Russell Galley telling the Daily Telegraph: “Over the last 20 years the gap between southern England, particularly London, and the rest of the country has increased significantly.”
With the cost of living already a concern, the rise of property costs and rent in Leamington could prove an issue with the town the preferred location of off-campus accommodation for the majority of Warwick students.
Matt Parsons, a first-year Law and Business student, commented:”The difference in cost for living in Leamington compared to somewhere like Canley is pretty big.
“At the moment I would say its worth it as there are more things to do and a bigger student scene in Leamington, but there might come a point where the difference to surrounding areas becomes ridiculous.”
Student housing has already caused contention in Leamington with complaints such as noise pollution and overcrowding leading to proposals to change how houses are managed in the town.
Nevertheless, the continued popularity of the town with Warwick students has seen a number of new developments planned in the town to boost the amount of accommodation available.