​East London leads the way for house price growth across the capital

Average house prices across London have jumped by more than 11 per cent in a year, with the average cost of a London home now reaching £462,799.
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The east London borough of Hackney has recorded the biggest monthly boost to house prices (Regents Canal image by Graham Hussey)

New Land Registry figures reveal London house prices have risen by almost 20 per cent in a year in the capital's strongest performing borough of Newham. 

The average price of a home in Newham has now reached £291,364, boosted by planned Crossrail stations in areas such as Custom House, Stratford and Forest Gate, as well as strong demand for new-build flats at Royal Victoria Docks and the former Olympic Village.

The new report, which records sales completed and registered during March, also puts the east London borough of Hackney firmly in the property spotlight as London's fastest rising borough month-on-month. Homebuyers are continuing to flock to areas such as Dalston, Haggerston, Hoxton, Shoreditch and Stoke Newington, despite the average price cost of homes now reaching more than £600,000.




REVEALED: THE AVERAGE COST OF BUYING A HOME IN EVERY LONDON BOROUGH



Average house prices across London have jumped by more than 11 per cent in a year, with the average cost of a London home now reaching £462,799.

“Election uncertainty is a myth. House prices across the UK, especially in London, are surprisingly buoyant in the face of the upcoming General Election – an election that itself won’t solve the fundamental mismatch between supply and demand," says Andrew Bridges, Managing Director of Stirling Ackroyd estate agents.

VIDEO: NEW HOUSE PRICE GROWTH REPORT REVEALS LONDON'S TOP 10 FASTEST RISING BOROUGHS:
 


Meanwhile, the slowdown continues in prime central London postcodes. Kensington and Chelsea, London’s most expensive borough with an average price of almost £1.3 million, saw the lowest annual growth of 5.2 per cent, and also recorded March’s biggest price fall of 1.6 per cent. 

The March data also shows an annual price increase of 5.3 per cent in England and Wales, which takes the average property value  to £178,007 compared with the peak of £181,049 in November 2007.

 


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