EAST BEATS WEST IN LONDON HOUSE PRICE RISES OVER THE LAST 10 YEARS
Newham, Hackney and Tower Hamlets lead the league table of London boroughs with the highest price rises over the last 10 years.
Newham, the proposed home of the London Olympic Games, as well as the setting for the TV show Eastenders, has seen house prices rise by 303% since 1995, from £48,380 to £194,979 - a four fold increase. Next comes Hackney (rising 247% or three and a half times) and Tower Hamlets (243%), again East End boroughs.
At the other end of the scale, the West London borough of Hounslow has the accolade of having the lowest average house price rise since 1995, a modest 170% - still increasing 2.7times. Others laggards, at least by Newham standards, are Richmond and Hammersmith & Fulham.
This research is based on official Land Registry figures, comparing average house prices in 1995 Q1 to 2005 Q1 for each of London’s 33 boroughs.
The most expensive borough, Kensington & Chelsea, with a current average house price of £680,725 has seen house prices rise by 203%, over the last ten years, a threefold increase on the average price of £224,329, recorded back in 1995. The borough with the lowest average house price, Barking & Dagenham, is sixth in our league table, seeing house prices rising 229%, from £50,375 to £165, 547.
Arabella Pappini, Director of County Homesearch London, comments “The biggest house price risers are the central East End boroughs of Newham, Hackney and Tower Hamlets to where people have flocked to escape the relatively high house prices elsewhere in the capital. 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.
"By contrast the well established and well heeled West London boroughs of Hounslow, Richmond and Hammersmith & Fulham, have seen the most modest rises, in part explained by the fact that they were already very expensive boroughs 10 years ago. What’s more, large tracts have poor transport links to central London. The average price of the these boroughs back in 1995 (£119,432) is over double the average price of their East End counterparts (£51,351).
"However, the most expensive boroughs back in 1995 were Kensington & Chelsea (£224,329) and City of Westminster (£174,829), have matched average London house price rises of 200%, reflecting the sustained popularity of living in these centrally located areas, particularly sought after by wealthy foreign home buyers.”
