Camden house price rise the highest in all UK urban areas
- Credit: Nathalie Raffray
House prices in Camden have seen a sharper rise than in any other urban area of the UK.
The average house price in Camden has risen by 20% over the last five years to £947,511, according to the Nationwide Building Society.
Just four rural areas of the UK have seen steeper rises, including in north Devon where prices have risen by 24% to an average of £326,848.
Hastings is the fastest growing urban area after Camden, with a rise of 19% and average house prices of £271,432.
Property values in areas which are mainly rural have risen by 29% over the past five years, while those in predominantly urban areas have increased by 18%.
Nationwide suggests this may be partially driven by demand for holiday or second homes.
Andrew Harvey, a senior economist at Nationwide, said: “ONS data suggests that the rate of second home ownership is significantly above average in areas such as South Hams, Pembrokeshire and Ceredigion, areas which are amongst those seeing the fastest rates of growth.”