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London house prices: Havering records biggest growth as rising demand continues to push prices up in the capital's outer boroughs


12-28-2016

 

Havering sees the biggest annual increase in asking prices, while Camden suffers the biggest drop.

The average cost of buying in every London borough - December 2016

  • 1/31 Barking and Dagenham

    Average price December 2016: £302,994

    Average price November 2016: £303,171

    Monthly change: -0.1%

    Average price December 2015: £280,128

    Annual change: 8.2%

    Figures based on December 2016   Rightmove House Price Index

    Bob Comics/Flickr

  • 2/31 Barnet

    Average price December 2016: £685,868

    Average price November 2016: £704,213

    Monthly change:-2.6%

    Average price December 2015: £681,923

    Annual change: 0.6%

  • 3/31 Bexley

    Average price December 2016: £358,281

    Average price November 2016: £358,964

    Monthly change: -0.2%

    Average price December 2015: £332,038

    Annual change: 7.9%

    Daniel Lynch

  • 4/31 Brent

    Average price December 2016: £641,503

    Average price November 2016: £646,509

    Monthly change: -0.8%

    Average price December 2015: £619,434

    Annual change: 3.6%

    Daniel Lynch

  • 5/31 Bromley

    Average price December 2016: £509,330

    Average price November 2016: £532,190

    Monthly change: -4.3%

    Average price December 2015: £500,570

    Annual change: 1.8%

    Graham Hussey

  • 6/31 Camden

    Average price December 2016: £994,411

    Average price November 2016: £1,174,095

    Monthly change:-15.3%

    Average price December 2015: £1,207,626

    Annual change: -17.7%

    Daniel Lynch

  • 7/31 Croydon

    Average price December 2016: £419,062

    Average price November 2016: £424,554

    Monthly change: -1.3%

    Average price December 2015: £393,145

    Annual change: 6.6%

    Alamy Stock Photo

  • 8/31 Ealing

    Average price December 2016: £606,334

    Average price November 2016: £630,835

    Monthly change: -3.9%

    Average price December 2015: £628,941

    Annual change: -3.6%

  • 9/31 Enfield

    Average price December 2016: £469,958

    Average price November 2016: £491,777

    Monthly change: -4.4%

    Average price December 2015: £438,179

    Annual change: 7.3%

    Alamy

  • 10/31 Greenwich

    Average price December 2016: £435,767

    Average price November 2016: £453,868

    Monthly change: -4.0%

    Average price December 2015: £443,377

    Annual change: -1.7%

    Daniel Lynch

  • 11/31 Hackney

    Average price December 2016: £646,350

    Average price November 2016: £649,867

    Monthly change:-0.5%

    Average price December 2015: £650,657

    Annual change: -0.7%

  • 12/31 Hammersmith and Fulham

    Average price December 2016: £1,028,770

    Average price November 2016: £1,010,439

    Monthly change: 1.8%

    Average price December 2015: £1,095,788

    Annual change: -6.1%

  • 13/31 Haringey

    Average price December 2016: £601,465

    Average price November 2016: £633,518

    Monthly change: -5.1%

    Average price December 2015: £605,403

    Annual change: -0.7%

  • 14/31 Harrow

    Average price November 2016: £559,074

    Average price October 2016: £570,639

    Monthly change:-2.0%

    Average price November 2015: £537,883

    Annual change: 3.9%

  • 15/31 Havering

    Average price November 2016: £395,660

    Average price October 2016: £392,457

    Monthly change: 0.8%

    Average price November 2015: £361,441

    Annual change: 9.5%

    John Winfield

  • 16/31 Hillingdon

    Average price December 2016: £478,104

    Average price November 2016: £497,803

    Monthly change: -4.0%

    Average price December 2015: £441,482

    Annual change: 8.3%

  • 17/31 Hounslow

    Average price December 2016: £516,028

    Average price November 2016: £543,117

    Monthly change: -5.0%

    Average price December 2015: £548,580

    Annual change: -5.9%

  • 18/31 Islington

    Average price December 2016: £801,593

    Average price November 2016: £859,175

    Monthly change:-6.7%

    Average price December 2015: £770,411

    Annual change: 4.0%

  • 19/31 Kensington and Chelsea

    Average price December 2016: £2,129,846

    Average price November 2016: £2,349,894

    Monthly change: -9.4%

    Average price December 2015: £2,497,560

    Annual change: -14.7%

    Shutterstock

  • 20/31 Kingston upon Thames

    Average price December 2016: £598,373

    Average price November 2016: £618,582

    Monthly change: -3.3%

    Average price December 2015: £632,897

    Annual change: -5.5%

  • 21/31 Lambeth

    Average price December 2016: £677,373

    Average price November 2016: £676,003

    Monthly change: 0.2%

    Average price December 2015: £623,310

    Annual change: 8.7%

    DANIEL LYNCH

  • 22/31 Lewisham

    Average price December 2016: £461,086

    Average price November 2016: £469,076

    Monthly change: -1.7%

    Average price December 2015: £442,528

    Annual change: 4.2%

  • 23/31 Merton

    Average price December 2016: £583,271

    Average price November 2016: £623,088

    Monthly change: -6.4%

    Average price December 2015: £670,771

    Annual change: -13.0%

  • 24/31 Newham

    Average price December 2016: £378,748

    Average price November 2016: £405,583

    Monthly change: -6.6%

    Average price December 2015: £396,012

    Annual change: -4.4%

  • 25/31 Redbridge

    Average price December 2016: £459,543

    Average price November 2016: £455,509

    Monthly change: 0.9%

    Average price December 2015: £445,398

    Annual change: 3.2%

  • 26/31 Richmond upon Thames

    Average price December 2016: £904,802

    Average price November 2016: £909,598

    Monthly change: -0.5%

    Average price December 2015: £930,316

    Annual change: -2.7%

    Graham Hussey

  • 27/31 Southwark

    Average price December 2016: £617,803

    Average price November 2016: £623,915

    Monthly change: -1.0%

    Average price December 2015: £645,101

    Annual change: -4.2%

    Jeremy Selwyn

  • 28/31 Sutton

    Average price December 2016: £437,480

    Average price November 2016: £431,753

    Monthly change: 1.3%

    Average price December 2015: £399,890

    Annual change: 9.4%

    Alamy Stock Photo

  • 29/31 Tower Hamlets

    Average price December 2016: £614,134

    Average price November 2016: £622,614

    Monthly change: -1.4%

    Average price December 2015: £599,095

    Annual change: 2.5%

  • 30/31 Waltham Forest

    Average price December 2016: ££468,924

    Average price November 2016: £468,765

    Monthly change: 0.0%

    Average price December 2015: £431,917

    Annual change: 8.6%

    Daniel Lynch

  • 31/31 Wandsworth

    Average price December 2016: £756,067

    Average price November 2016: £786,596

    Monthly change: -3.9%

    Average price December 2015: £805,834

    Annual change: -6.2%

East London’s Barking and Dagenham, Bexley, Newham and Havering are the only London boroughs where the average home still sells for less than £400,000, but rising demand in the most affordable boroughs is leading to rapid house price growth.

Havering in the south east has enjoyed the biggest annual increase, with the average house price soaring by over £40,000 to an average of £392,000 – more than £200,000 cheaper than the London average of £616,000. Buyers have been drawn by the promise of a new Crossrail station in its main town of Romford by the end of 2018, with costs expected to increase further once it opens.

Property website Rightmove’s latest House Price Index shows that priced-out buyers are widening their net in a bid to find a bargain, with increased demand pushing prices up on the outer edges of the capital.

Meanwhile, sharp drops in asking prices continue to impact the prime London market. Camden in the north suffered the biggest annual fall of almost 18 per cent, with houses selling for £994,000 on average, while prices also fell by more than 5.5 per cent in west London’s Hammersmith and Fulham, Wandsworth and Kingston. Houses in those boroughs now sell for £1.03 million, £757,000 and £598,000 on average respectively.

The top 10 fastest rising boroughs of 2016

The borough of Kensington and Chelsea remains the most expensive, despite a year-on-year price drop of nearly 15 per cent, with the average home setting back buyers a whopping £2.13 million. Family homes in the borough are currently selling for upwards of £26 million on Rightmove.

Growing demand for boroughs beyond Zone 2 is a result of the growing affordability gap due to years of house prices rising faster than wages.

Rightmove’s co-founder Miles Shipside says: “London’s desperate need for affordable housing has moved to outer London and we forecast that will lead to further modest price growth in 2017.” 

Uncertainty over Brexit and stamp duty changes has stalled the pace of growth across London, with this month's city-wide drop of 4.3 per cent the largest in December for six years, indicating ongoing market weakness.

However, a plateau is to be expected in places such as Greenwich, Hackney and Newham after double-digit growth in 2015. 

www.homesandproperty.co.uk/

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