Confusing property price rises in London
According to the Land Registry, property prices have risen by 21% in the capitals poorest boroughs, outperforming the more expensive areas in London. The London borough of Newham has experienced the biggest price rise with the average property price growth at 21.4% over the past year which is 13% more than the growth experienced for properties located in the district of Kensington & Chelsea.
This means that the people who purchased properties in the poorer areas of London are seeing a larger return on their investment compared to those people who spent millions of pounds on properties located within the more glamorous districts of London. The second best performing area of London is Lambeth with an average property price of £531,299 and an annual growth of 18.7%.
Overall, the house prices in London have continued to rise over the past 12 months so the average house price across the capital is now reaching a dizzy high of £462,872. This is double the growth rate compared to England and Wales where the average house price is £180,252 however, the property price growth forecast is predicting change in the air.
According to analysis, property prices are set to increase more outside of London for the first time in six years but this is not set to last long with predictions concluding that by 2016 London’s property price increases will leap ahead of the rest of the countries percentages.
Amanda McGovern, Pali Ltd(0) Comments
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