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| WEDNESDAY 13TH JULY 2005 |
 EAST
LONDON HOUSE PRICES ALREADY BEAT WEST'S
Newham, Hackney and Tower Hamlets lead the league table of
London boroughs with the highest price rises over the last 10 years.
Newham, the proposed home of the London Olympic Games, as well as the
setting for the TV show Eastenders, has seen house prices rise by a staggering
303% since 1995, from £48,380 to £194,979 - a four fold increase.
Next comes Hackney (rising 247% or three and a half times) and Tower
Hamlets (243%), again East End boroughs.
At the other end of the scale, the West London borough of Hounslow has
the accolade of having the lowest average house price rise since 1995,
a modest 170% - still increasing 2.7 times! Others laggards, at least
by Newham standards, are Richmond (172%) and Hammersmith & Fulham
(177%).
This research, commissioned by home search company, County Homesearch
London, is based on official Land Registry figures, comparing average
house prices in 1995 Q1 to 2005 Q1 for each of London’s 33 boroughs.
The most expensive borough, Kensington & Chelsea, with a current
average house price of £680,725 has seen house prices rise by 203%,
over the last ten years, a threefold increase on the average price of £224,329,
recorded back in 1995. The borough with the lowest average house price,
Barking & Dagenham, is sixth in the league table, seeing house prices
rising 229%, from £50,375 to £165, 547.
Arabella Pappini, director of County Homesearch London, comments: "The
biggest house price risers are the central East End boroughs of Newham,
Hackney and Tower Hamlets to where people have flocked to escape the
relatively high house prices elsewhere in the capital. With their good
access to the City, these areas were ripe for regeneration and were ready
to start the race to catch up with the rest of London."
"By contrast the well established and well heeled West London boroughs
of Hounslow, Richmond and Hammersmith & Fulham, have seen the most
modest rises, in part explained by the fact that they were already very
expensive boroughs 10 years ago."
"What’s more, large tracts have poor transport links to central
London. The average price of these boroughs back in 1995 (£119,432)
is over double the average price of their East End counterparts (£51,351)."
"However, the most expensive boroughs back in 1995 were Kensington & Chelsea
(£224,329) and City of Westminster (£174,829), have matched
average London house price rises of 200%, reflecting the sustained popularity
of living in these centrally located areas, particularly sought after
by wealthy foreign home buyers."
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