22 Jun 22.06.2018 House price rises in the capital
22.06.2018 House price rises in the capital
In 2017 south west London had the biggest price raises in the capital, but east London still dominates the top five list of areas with the fastest growing house prices.The biggest house price growth in London over the past year has been seen in the borough of Merton. According to the Office or National Statistics (ONS), the prices in the south-west London borough, which is home to Morden, Mitcham and Wimbledon, rose by 9.8% from an average of £486,000 in December 2016 to £534,000 in December 2017.Substantial transport upgrades took place in Merton last year. Transport for London (TfL) committed £70 million to an extension of the Croydon tram network, with the new branch due to run from South Wimbledon, through Morden to Sutton.
Additionally, Merton was one of only four London boroughs whether the number of transactions rose from the previous year. The number of homes sold in the borough of Merton in 2017 was 5% higher than the number of transactions in 2016. Whilst in a third of the boroughs house sales has fallen by more than 30%.
The most significant drop was recorded in the north-west London borough of Brent, where the amount of transactions fell by 62% from 2016.
LONDON BOROUGHS WITH THE HIGHEST HOUSE PRICE RISES
East London boroughs dominate the list of the capital’s top performing boroughs, with Greenwich, Tower Hamlets and Redbridge all in top five.
Significant amount of money is being invested in the London Borough of Tower Hamlets. With £14,000 homes under construction and £12,100 homes in the planning pipeline, from Canary Wharf to Blackwall Reach and Poplar. Homeowners in Tower Hamlets sold their homes for £44,000 more on average in December 2017 than the same month in 2016, the prices rose to £504,000 during 2017.
House prices in Greenwich rose by an average of £28,000 to £402,000 during 2017. The average price of a house in the borough of Greenwich is now £402,000, largely due to a continued redevelopment of Abbey Wood and Woolwich, which are both on the high-speed Elizabeth Line due to be opened this year.
Similarly, Redbridge saw prices increase from £402,000 to £425,000 thanks to connections from four stations on the east-west Crossrail route — Ilford, Seven Kings, Goodmayes, and Chadwell Heath.
Bromley in outer south London is the capital’s largest borough, with good train links and both an urban and rural lifestyle for London homebuyers looking to move up the ladder. House prices there now average £454,000, compared to £429,000 in 2016.