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London house prices:new report reveals Lewisham is the capital's fastest-rising borough


04-31-2016

 

New figures reveal price rises in the south-east borough of Lewisham are the highest in London for the first time this year. 

Lewisham's vastly improved transport links and planned housing developments have helped it take the top spot on a list previously dominated by areas already seeing an uplift from the Elizabeth line, such as Hillingdon and Havering.

A surge of interest from homebuyers in areas such as Blackheath, Brockley and New Cross has led to annual house price rises of almost 20 per cent, with the average cost of buying a home in Lewisham now standing at 473,303. 

The borough has recently been named as one of the capital's leading first-time buyer hotspots, with more than half of all homes sold in the SE13 postcode bought by people taking their first steps on the property ladder.

Lewisham's growth looks set to continue if the Bakerloo line extension goes ahead, which will improve the currently Tube-starved area further. More investment by the council and plans for new-build homes are also contributing to forecasted continued growth.

Elsewhere in the South-East, Bexley, despite being named in this year's National Hotspots Index as the London borough with the highest demand for homes, appears only in ninth place on the list of fastest-growing boroughs.

Barking and Dagenham is still London's cheapest borough, recording annual growth of 16.4 per cent and average house prices of 330,515.

Despite findings of positive annual growth, recent news suggests there is still value to be found, with first-time buyers having a better chance of getting on the ladder than a few weeks ago. 

Although it's just a month since stamp duty rose for buy-to-let investors, a collapse in demand from such buyers has helped send the average price of starter homes down by up to 20,000 across London.

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