However, some Northern regions have experienced lower house price inflation, which has improved buyer affordability since 2005.
Analysis of house prices over the last 20 years by Zoopla reveals that the average property price has increased from £113,900 to £268,200, while house price to earnings ratios have stayed broadly in line at 6.4.
House prices jump 87% in South East and East of England
However, homes in the South East and Eastern England have risen significantly higher in value.
Both regions have witnessed an 87% rise since 2005, which takes the average price of a property in the South East from £206,100 to £385,400 and in Eastern England from £180,600 to £337,500.
In London, where house price inflation is the greatest, house prices have risen by 119% from £244,200 to £534,400.
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Within the South East, Elmbridge in Surrey has seen the biggest average increase over the last two decades, up by 110% from £338,800 to £712,700. St Albans ranks the highest in the East of England for the steepest property price rises since 2005, with a 108% increase from £298,600 to £622,100.
The increases, according to Zoopla’s analysis, make some areas unaffordable for the 52% of households who say they would consider a move back to their hometown.
Improving affordability
The aspiration to return home in the future is more attainable for those who were born and raised in the North East.
Average house prices have increased by 39% in the region, the smallest increase across all regions. Meanwhile, the house price to earnings ratios have improved the most in the region compared to the rest of the UK, falling from 5.7 to four over the last 20 years.
Sunderland, on the North East coast, has registered the lowest average house price increases in the region of 22% from £101,600 to £124,000.
Affordability has also improved in the North West and Yorkshire, with house price to earnings ratios falling from six to 5.1 in the North West and 5.7 to five in Yorkshire.
In Blackpool, a seaside resort on the North West coast, average house prices have increased by 26%, with homes costing £124.300, up from £98,400 in 2005. In Hull, the fourth-largest city in Yorkshire, average house prices have increased by 49%, or £38,100, over the last 20 years.
Daniel Copley, consumer expert at Zoopla, 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% 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.”
This article was first published on YourMoney.com‘s sister site, Mortgage Solutions. Read: House prices have risen 74% since 2005 but affordability improves in Northern regions
