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London house prices: These are the parts of London where house prices have grown the most since the financial crisis


05-10-2017

 

Helen Cahill
I report on retail and property for City A.M.
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There were two stages to the UK house price recovery following the crash (Source: Getty)

Since the financial crisis, house prices have grown faster in affordable parts of London than they have in Fulham and Mayfair.

New analysis shows that while house prices jumped in the sought-after neighbourhoods of central London immediately following the 2008 crash, more affordable parts of the capital have since become growth hot spots.

According to Hometrack, house prices in Walthamstow have jumped 133 per cent since 2009, making it the London area with the highest house price inflation over that period.

Meanwhile, prices in prime areas such as Hampstead, Mayfair and Islington have grown by 87 per cent, 88 per cent and 89 per cent respectively.

Area

Postcode

House price inflation between 2009 and 2017 (%)

Area

Walthamstow

Postcode

E17

House price inflation between 2009 and 2017 (%)

133.2 per cent

Area

Clapton

Postcode

E5

House price inflation between 2009 and 2017 (%)

133.1 per cent

Area

Peckham

Postcode

SE15

House price inflation between 2009 and 2017 (%)

129.9 per cent

Area

Leyton

Postcode

E10

House price inflation between 2009 and 2017 (%)

128.4 per cent

Area

South Hackney

Postcode

E9

House price inflation between 2009 and 2017 (%)

121.9 per cent

Richard Donnell, insight director at Hometrack, said: "As a global city, London's housing market covers a wide range of sub-markets with different drivers of demand."

Average values on London's high-end homes rocketed before 2012, in the early stages of the global recovery from the financial crisis, Donnell said. This was due to investment from wealthy overseas buyers who regarded London property as a safe haven.

Prices on middle-market London homes didn't start shooting up until 2013, when mortgages became more widely available and borrowing costs came down. This boosted housing demand in London's outer boroughs, and house price growth in these areas has now outstripped the growth recorded in central London immediately after the financial crash.

Now, house prices are growing eight per cent year-on-year in London's lower-value markets, while prices are falling five per cent year-on-year on London's most expensive homes. Price falls on high-end homes have been triggered by former chancellor George Osborne, who increased the rates of stamp duty on houses worth more than £1m.


House prices are now increasing fastest on London's most in-demand homes (Source: Hometrack

 

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