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| THURSDAY 17TH FEBUARY 2005 |
 WHERE
ARE LONDON PROPERTY PRICES RISING FASTEST?
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."
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