Property price rises not limited to prime central London
Strong house price rises are not limited to prime central London. More than a third of the capital’s boroughs saw rises more than twice the level of inflation in the past 12 months, according to Land Registry figures, the most accurate of all house-price monitors, just released.
Predictably, Westminster (up 17.4 per cent) and Kensington and Chelsea (up 12.8 per cent) are leading the charge, while other inner London boroughs, such as Islington (up 9.3 per cent), Camden (up 6.8 per cent) and Southwark (up 6.9 per cent) are also performing strongly against a London average rise of 5.5 per cent.
But some less obvious areas are also displaying strong price growth. Hammersmith and Fulham — home to comedian Bill Bailey, actor Ralph Fiennes, and many Made in Chelsea cast members, is benefiting from its proximity to central London with an average price hike of 10.9 per cent.
Tom de Winton, associate director at John D Wood & Co, says Fulham has benefited from buyers priced out of prime Chelsea, with four-bedroom family homes in greatest demand.
Guy Meacock, of Savills, believes Fulham’s Lycée is drawing in French buyers priced out of South Kensington and keen to escape the prohibitive taxation regime in France. Prices are holding up particularly well in Parson’s Green and streets near the Hurlingham Club. “For mainland Europe buyers, Fulham no longer seems remote,” he said.
Ian Dickson, director of Winkworth Hammersmith, says Brook Green is popular, with buyers paying £1.8m for a four bedroomed house, while a new free school has also increased interest in Brackenbury Village. “The buyers are generally city workers attracted by the good transport connections,” he said.
Ealing is also strong at 6.9 per cent. Ricky Bajwa, sales manager of Townends in Ealing, said convenience was everything with local buyers, with period conversions close to both Ealing Broadway and Common selling the most strongly. One-bedroomed flats, the most affordable option, are selling fast to first time buyers and investors at between £300,000 and £325,000.
In north east London the neighbouring boroughs of Hackney (up 6.9 per cent) and Haringey (up 6.7 per cent) are the brightest stars, while Lambeth (up 7.8 per cent) and Lewisham (up 6.5 per cent) are good in south London.
In prime south west London, the only borough performing really well is Wandsworth (up 7.9 per cent) and outside the central postcodes North London has no top performing boroughs at all.
In Redbridge prices have fallen down 0.3 per cent. The other boroughs with increases teetering below the average inflation rate of circa three per cent are Tower Hamlets, Kingston upon Thames, Hounslow, Hillingdon, Havering, Greenwich and Enfield.