House prices in Marylebone and Queen’s Park up 1,000% in 20 years
01-16-2016
Marylebone High Street ward has seen the biggest house price rises in the UK
Archant
House prices in Marylebone, Queen’s Park and Hampstead have seen the biggest increases in the UK since 1995 according to analysis of new Land Registry data.
The research by estate agent Savills found that average sale prices in Marylebone High Street ward in Westminster had increased by 936 per cent to £1,796,119 in two decades, second only to the Lambeth ward of Oval.
Nearby Bryanston & Dorset Square ward, also in Westminster, was 14th on the list having risen by 722 per cent to £1,365,182 over the same period.
Two Brent wards were also in the top 10 areas for house price growth, with property in formerly gritty Queen’s Park going up 856 per cent to an average of £1,004,388, and property in Kensal Rise hitting £632,751, up 748 per cent on 1995.
Lucian Cook, head of Savills UK residential research, said: “The 20 biggest risers are dominated by central London markets, though they also include some areas that have seen substantial gentrification over the period. This includes Queens Park and Kensal Green in Brent.”
Frognal & Fitzjohns – which contains some of London’s most expensive streets – and Hampstead Town, both in Camden, were also in the top 20 highest risers, at 698 per cent and 672 per cent respectively.
At the opposite end of the scale, in Primrose ward in South Tyneside in the north east, house prices rose by only 80 percent since 1995.
The average across England and Wales was a 300 per cent rise with the average sale price rising from £66,110 in 1995 to £262,847 today.
The research also found that there are now 66 wards with an average sale price of over £1million (53 of which are located in London) while in 1995 just 8 wards had an average sale price of more than £300,000.
Only 5.5 per cent of wards now have an average sale price less than £100,000, compared to 88 per cent of all wards in 1995.