Newham, home to BBC soap EastEnders and the proposed main site of the London Olympic Games, has seen the largest ten-year increase in house prices, from £48,380 to £194,979 – a rise of 303 per cent.
Mark Chilton, CEO of Purely Mortgages, believes the figure shows the growth of the East End boroughs. “Over the last ten years the East End
has transformed, particularly with new-builds in the Docklands,” he said.
“Although growth has stagnated somewhat in the last year, this may be rejuvenated by the recent Olympic success.”
The borough of Hackney came second in the table with house prices shooting up 247.3 per cent. At the other end of the scale, the boroughs of Hounslow, Richmond-upon-Thames and Fulham saw more modest rises with each of the boroughs achieving increases of between 170.2 and 177 per cent.
Arabella Pappini, director of County Homesearch London, said the figures prove the East End is now catching up with the more affluent boroughs.
She said: “The biggest house price risers are the central East End boroughs of Newham, Hackney and Tower Hamlets. With their good access to the City, these areas were ripe for regeneration and were ready to start the race to catch-up with the rest of London.”
The most expensive borough of Kensington and Chelsea has seen house prices rise three-fold from £224,329 in 1995 to today’s average price of £680,475 while the area with the lowest average house price, Barking and Dagenham, has seen house prices leap over 220 per cent from £50,375 to £165,547.
