London house prices: Hillingdon replaces Newham as the fastest-growing borough
08-30-2015
A new report reveals the top 10 fastest-rising boroughs in London. Newham has fallen from first to third place for the first time this year as two new areas take the top spot...
London's fastest growing boroughs: [from left:right] Hillingdon, Newham and Enfield
London's Olympic borough, Newham, has been knocked off the top spot as having the fastest house price growth in the capital for the first time this year.
It has been superseded by both Hillingdon in the west, and Enfield in the north, according to the latest figures released by the Land Registry.
Home to Heathrow airport, Hillingdon jumped eight places in June followed by one place in July to take the top spot, with house prices rising by 14.6 per cent over the past year, to £348,000.
This could be due to the 'Crossrail effect' as the borough is due to have two stations - West Drayton and Hayes and Harlington -on the the high-speed rail network, which will significantly cut journey times into the centre of London.
Properties in Enfield have experienced similar growth, rising 13.9 per cent to just under £346,000.
It's not all doom and gloom for Newham's homeowners though - the borough's property values have increased by 13.5 per cent to almost £310,000, and it is still the third most affordable borough in the capital.
The east-london borough of Barking and Dagenham, and Bexley in the south-east offer the cheapest homes, and remain the only two parts of London where average house prices are under £300,000.
It's no surprise, then, that both boroughs are among the top ten fastest rising, with Bexley in seventh place and Barking and Dagenham joint tenth (with Hounslow).
Overall prices in London have slowed, rising an average of 8.3 per cent across the capital. It is no longer the fastest growing region in the UK - currently sitting second to the East of England, covering an area from Hertfordshire to Norfolk, which has risen by an average of 8.9 per cent over the past year.
It has been superseded by both Hillingdon in the west, and Enfield in the north, according to the latest figures released by the Land Registry.
Home to Heathrow airport, Hillingdon jumped eight places in June followed by one place in July to take the top spot, with house prices rising by 14.6 per cent over the past year, to £348,000.
This could be due to the 'Crossrail effect' as the borough is due to have two stations - West Drayton and Hayes and Harlington -on the the high-speed rail network, which will significantly cut journey times into the centre of London.
Properties in Enfield have experienced similar growth, rising 13.9 per cent to just under £346,000.
It's not all doom and gloom for Newham's homeowners though - the borough's property values have increased by 13.5 per cent to almost £310,000, and it is still the third most affordable borough in the capital.
The east-london borough of Barking and Dagenham, and Bexley in the south-east offer the cheapest homes, and remain the only two parts of London where average house prices are under £300,000.
It's no surprise, then, that both boroughs are among the top ten fastest rising, with Bexley in seventh place and Barking and Dagenham joint tenth (with Hounslow).
Overall prices in London have slowed, rising an average of 8.3 per cent across the capital. It is no longer the fastest growing region in the UK - currently sitting second to the East of England, covering an area from Hertfordshire to Norfolk, which has risen by an average of 8.9 per cent over the past year.