Member Article

Property prices soar in Newham after 2012 Olympics

Property prices in Newham have risen more than 23 per cent in a year, according to new Land Registry figures.

The east London borough topped the table aftering rich buyers started snapping up the new high-end apartments around the former Olympic Village and coveted Royal Victoria Dock.

South East London has seen the strongest price increases, while values in prime central London appear to have stalled.

Forest Hill saw the capital’s most significant growth for average homes, followed by price rises in Waltham Forest and the riverside boroughs of Southwark and Lambeth.

The average price in Newham is now £293,134, largely thanks to high-end developments at both the former Olympic Village and Royal Victoria Docks, which are boosting prices.

The best value is, in fact, to be found in less developed areas such as Forest Hill in South East London.

James Hyman, head of Cluttons residential agency told the Evening Standard: “Newham is doing very well, mainly because it’s still affordable,

“It’s a location that many buyers simply didn’t consider five years ago, but new and improved shops, schools and transport links have all added to Newham’s rise. It’s getting a buzz about it now.”

The number of properties worth in excess of £1 million in the capital has fallen by 24 per cent in the past year as a result of increases to stamp duty and ongoing debate surrounding the introduction of a mansion tax.

Kensington and Chelsea, London’s most expensive boroughs with an average house price of almost £1.3 million, only managed an annual price rise of 7.2 per cent in the past year.

Westminster and Camden are seeing strady growth, with annual price increases of 15 per cent.

Image used under Wikimedia Creative Commons License 3.0. Credit: Cmglee

This was posted in Bdaily's Members' News section by Ellen Forster .