A new report says that house price rise is not limited just to central London, as more than a third of London’s boroughs saw increase in prices more than twice the level of inflation in the past 12 months.
According to Land Registry figures, Westminster’s property prices were up 17.4%, and Kensington and Chelsea property prices rose 12.8%, while other inner London boroughs, such as Islington which was up 9.3%, Camden was up 6.8% and Southwark rose 6.9%, are also performing strongly against a London average rise of 5.5%.
Hammersmith and Fulham, which is home to comedian Bill Bailey, actor Ralph Fiennes, and many ‘Made in Chelsea’ cast members, is benefitting from its proximity to central London with an average price hike of 10.9%. Tom de Winton, associate director at John D Wood & Co, says Fulham has benefitted from buyers priced out of prime Chelsea, with four-bedroom family homes being in greatest demand.
Brook Green has gained popularity, with buyers paying £1.8m for a four bedroomed house, while a new free school has also increased interest in Brackenbury Village. Ealing is also strong at 6.9%. According to Ricky Bajwa, sales manager of Townends in Ealing, convenience means everything to local buyers. One-bedroomed flats, the most affordable option, are selling fast to first time buyers and investors at between £300,000 and £325,000, he said.
Property prices in north east London were also seen to be rising with the neighbouring boroughs of Hackney (up 6.9%), and Haringey (up 6.7%) emerging as most sought-after, while Lambeth (up 7.8%) and Lewisham (up 6.5%) turned up good in south London.
In prime south west London, the only borough where property prices rose was Wandsworth (up 7.9%) and outside the central postcodes North London has no top performing boroughs at all. With this report, it is amply clear that property prices are rising across the UK and not just in London.