According to recent research conducted by Lloyds Bank over the last 20 years the steepest growth in houses prices in the capital was seen in The North East London Borough of Hackney.
Key Findings (From 1996 – 2016)
- The average house price in Hackney has increased by 702%, from £75,569 in 1996 to £606,269 in 2016. (Average increase in London over the same period was 450%)
- Westminster had seen the next largest increase from £190,438 (1996) to £1,424,388 (2016) an increase of 648%
- Southwark had the third largest increase of (626%)
- Some further afield areas from Central London had also showed strong price growth Waltham Forest (617%) and Newham (612%) were among the six least expensive boroughs in 1996 but have now moved into the top five performing areas.
- The average house prices between London and the average for England and Wales has widened from a difference of £33,834 (or 47%) in 1996 to £299,631 (or 107%) in 2016.
- Prices in London are now 5.72 times the England and Wales average, in comparison to 3.34 times in 1996.
- 20 London boroughs have seen average house prices increase by over £400,000.
- Kensington and Chelsea has seen the largest increase in monetary value, where the average house price has grown from £297,768 to £1,857,287.
- The next best performer is Westminster where the average value has grown by £1,233,949.
- The third best was Camden (£887,658).
- In 1996, average house prices were under £100,000 across nearly two thirds (64%) of London’s boroughs in present times average prices are now more than £500,000 for over half (58%).