London boroughs dominate Top 10 areas for house price growth this century
- 6th January 2020
- Selling Property News
Rising property prices and high demand means sellers should capitalise on the booming market
London represents 9 out of the Top 10 areas in the UK for biggest house price growth since the turn of the century.
The sharp rise in London prices has been partly driven by a wide range of capital infrastructure projects across London.
Newham, home to London’s buzzing Stratford, tops the list with a 429% increase in house prices since 1999. The building of the Olympic Park in Stratford for the 2012 games, as well as restaurants and a large Westfield shopping centre have been key to revitalising the area.
This huge investment scheme has transformed the area by boosting the local economy, creating jobs and improving infrastructure. These kinds of developments increase demand amongst home buyers causing house prices to rise in value.
South London’s Lewisham and the North Eastern borough of Hackney also feature in the Top 5. Both areas have undergone significant redevelopment since the beginning of the century and are popular amongst young professionals and families looking to buy.
It is worth noting that London’s most expensive boroughs like Knightsbridge and Westminster are outside of the Top 10. This shows that outperformance has been in the most affordable areas of London.
As well as local investment projects, falling interest rates have also improved the market, increasing confidence amongst buyers. Higher demand has caused property prices to rise, resulting in greater returns on properties, which is positive for sellers.
Stephen Ludlow, chairman at ludlowthompson says “The rising prices in London shows the UK’s capital remains the leader in the property market. Such healthy growth demonstrates the long-term investment potential of the capital.”
“With the highest property prices in 20 years, now is a great time to start thinking about selling your property to take advantage of these increases in value.”
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“We had a great experience with LT. I would definitely recommend them to anyone selling in the area.”
“The rising prices in London shows the UK’s capital remains the leader in the property market. Such healthy growth demonstrates the long-term investment potential of the capital.”
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