The London property market may have taken a bit of hit recently by Brexit, especially at the luxury-end, but new figures still reveal that average house prices in the capital are around double that of the rest of England and Wales.
Hackney, in particular, has seen extraordinary increases, with average property prices increasing from around £76K in 1996 to £606K in 2016. That’s over 700%!
Waltham Forest and Newham have also seen huge price increases over the last 20 years, with increases of over 600%. All three of these areas were considered ‘affordable’ 20 years ago, but since then, there has been significant ‘gentrification’ of these boroughs and this has seen the prices go through the roof.
Of course, the pricier boroughs have also see major increases in the last 20 years, with prices in Westminster going up by 648%.
Westminster, together with Kensington, Chelsea, Camden, Hammersmith and Fulham have been the most expensive London boroughs over the last 20 years. Barking and Dagenham is London’s cheapest borough with average house prices at just over £285K.