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 The top London house price rises were…

 

Thursday, February 17, 2005


New research shows that boroughs in the north west quadrant of London have typically recorded the largest house price rises over the past 10 years.

Halifax said yesterday there had been remarkable stability in the ranking of the boroughs since 1994 with the same boroughs still appearing at both the top and the bottom of the league table in terms of average prices.

Last 10 Years: 1994-2004

Brent has seen the biggest rise in residential property prices in the capital over the past 10 years with a 296% increase.

Westminster (289%) has recorded the next biggest rise followed by Newham (280%), Camden (268%) and Barnet (263%).

Property prices have risen by at least 200% since 1994 in all boroughs with the exceptions of Croydon (199%), Greenwich (193%), Bexley (192%) and Sutton (190%) on the outer south-eastern fringes of the capital.

Kensington & Chelsea (£172,674), Westminster (£130,898), Camden (£128,557), Richmond (£121,178) and Hammersmith & Fulham (£118,559) were the five most expensive boroughs in 1994. These remain the five most expensive with the only difference in ranking being that selling prices in Hammersmith & Fulham (£424,865) were slightly higher than in Richmond (£422,029) in 2004.

Barking & Dagenham and Newham were the least expensive boroughs in 1994 with average selling prices of £51,743 and £50,023 respectively. Barking & Dagenham and Newham remain the least expensive boroughs with average selling prices in 2004 of £169,271 and £190,196 respectively.

In 1994, the average price was below £100,000 in the overwhelming majority of boroughs (25 out of 32). In 2004, Barking & Dagenham, Newham and Bexley (£195,943) were the only boroughs were the average price was still below £200,000.

Last 5 Years: 1999-2004

Newham has seen the biggest rise in residential property prices in the capital over the past five years with a 146% increase.

Property prices have at least doubled since 1999 in eight boroughs. Five of the six boroughs recording the biggest rises are in north east London with Newham followed by Barking & Dagenham (132%), Waltham Forest (116%), Redbridge (113%) and Havering (106%). The exception in the top six is Brent (107%).

Prices have risen most slowly in Lambeth (55%) followed by Ealing (62%), Hammersmith & Fulham (63%) and Wandsworth (65%).

Martin Ellis, Halifax chief economist, said: "Boroughs in the north west have typically experienced the biggest price gains over the past 10 years, partly reflecting the convenience and short commuting times that these areas offer."

"But it has been boroughs in the outer reaches of the capital, particularly in the north east, that have seen the strongest rises in the last five years. The greater affordability of residential property compared with more expensive central locations has been the key factor driving up prices in these parts of the capital."

Boroughs Ranked by 10 Year % Change

Borough

1994 Average price*

2004 Average price*

10 Year % change

Brent

72,630

287,545

296

Westminster

130,898

509,032

289

Newham

50,023

190,196

280

Camden

128,557

473,154

268

Barnet

97,286

353,010

263

Tower-Hamlets

69,468

250,409

260

Hammersmith-and-Fulham

118,559

424,865

258

Islington

110,393

394,560

257

Kensington-and-Chelsea

172,674

611,363

254

Hounslow

81,613

286,668

251

Richmond-upon-Thames

121,178

422,029

248

Waltham-Forest

59,634

204,876

244

Kingston-upon-Thames

87,913

300,282

242

Wandsworth

105,383

358,179

240

Haringey

84,420

278,819

230

Lambeth

78,373

256,474

227

Barking-and-Dagenham

51,743

169,271

227

Redbridge

74,771

243,651

226

Hackney

75,728

246,494

225

Harrow

88,799

288,225

225

Merton

89,011

286,329

222

Ealing

89,775

288,375

221

Southwark

80,781

258,845

220

Bromley

88,879

277,743

212

Lewisham

65,995

204,658

210

Enfield

75,383

230,547

206

Hillingdon

79,994

242,397

203

Havering

75,004

227,179

203

Croydon

74,678

223,643

199

Greenwich

72,287

211,764

193

Bexley

67,127

195,943

192

Sutton

76,797

222,810

190

*12 Months to December

 
 
     
     
 

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