New data from the Office of National Statistics (ONS) has revealed the housing affordability levels in local authorities all over England and Wales.
The data revealed what the median house prices were every year since 2000, and in Croydon, the house prices have skyrocketed over the years.
In 2000, a house in Croydon cost an average of £75,000, and in 2024, the average price was £307,500.
The graph below shows how prices have increased since the start of the millennium.
After 2000, the average house price rose steadily for the next eight years, it reaching £180,000 in 2008.
Following the 2008 financial crisis, the average house price dropped to £170,000 in 2009.
This may have been due to the recession, causing job losses, stricter mortgage lending, and reduced buyer confidence.
With fewer people able to secure mortgages and some homeowners forced to sell, demand fell while supply increased, driving prices down.
By 2011, the average price began to increase, reaching £174,000 in 2011.
By the end of the 2010s, the average price reached £295,000.
By 2019, the average house price in Croydon had risen to £295,000, reflecting years of gradual recovery and increasing demand.
In 2020, despite the uncertainty of the COVID-19 pandemic, prices continued to rise, reaching £302,250.
In July 2020, the government introduced a stamp duty holiday to help the housing market during the pandemic.
This meant buyers didn’t have to pay tax on homes up to £500,000, making moving cheaper.
As a result, the demand increased, and so did the average house price.
The holiday ended in June 2021, and the average house price for that year reached £320,000.
However, in 2022, house prices in Croydon dropped slightly to £306,000.
2022 was when the cost-of-living crisis started to hit, with prices for energy, food, and everyday items going up.
As a result, people had less money to spend, making them less likely to buy a house.
The median saw a slight increase in 2023 to £309,000, and a decrease in 2024 to £307,500.
In Croydon, the property market shows a significant range, with properties on the priciest streets reaching over £1.3 million, while more affordable homes start at £194,000.
As of the latest data from the HM Land Registry and Property Solvers, the average house price in Croydon is £342,568.
In the past five years, the average price has dropped by £4,715 (-1.29%), and in the last year alone, it has decreased by £945 (-0.26%).
