The M25 is 30 years old today. A lot of things have changed in 30 years; not least house prices.
Indeed, the average price of houses around the M25 has risen 551 per cent in the 30 years since Britain's busiest motorway was opened.
According to Halifax, in the 40 towns surrounding the 117-mile motorway, the average price of a house was £59,183 in 1986. Today you'd have to stump up £385,085. (Though no word on how Heathrow's proposed runway ramp over the M25 might affect prices…)
The average price increase for the towns is essentially the same as the national rate of 552 per cent, considerably higher than the 169 per cent rise in the Retail Price Index (RPI) over the same period.
The top 10 M25 towns for house price growth since 1986 are:
|Town||County||Average house price in September 1986||Average house price in September 2016|
In the north, Rickmansworth and Barnet had the steepest increases (the average prices are now £539,708 and £551,959 respectively) while Leathergate and Reigate have had the biggest increases in the South.
Much of the growth has happened in the past five years, during which the average price rose sharply by 54 per cent.
In 34 of the 40 towns, house prices have increased by more than £100,000 since 2011.
Of course, they still pale in comparison to the prices in the capital. The average London property today is £122,653 higher than the M25 towns at over £600,000. House prices in the capital broke through the £600,000 barrier for the first time in April. The value of homes in the capital has almost doubled during the past seven years.