Brent records biggest price rise in London since 1994

Halifax research shows that boroughs in the north west quadrant of London have typically recorded the largest house price rises over the past 10-years.
There has been remarkable stability in the ranking of the boroughs since 1994 with the same boroughs still appearing at both the top and the bottom of the league table in terms of average prices.

Brent has seen the biggest rise in residential property prices in the capital over the past 10 years with a 296% increase.

Westminster, 289%, has recorded the next biggest rise followed by Newham 280%, Camden, 268% and Barnet, 263%.

Property prices have risen by at least 200% since 1994 in all boroughs with the exceptions of Croydon, 199%, Greenwich, 193%, Bexley, 192% and Sutton, 190%, on the outer south-eastern fringes of the capital.

Kensington & Chelsea, £172,674, Westminster, £130,898, Camden, £128,557, Richmond, £121,178, and Hammersmith and Fulham, £118,559, were the five most expensive boroughs in 1994.

These remain the five most expensive with the only difference in ranking being that selling prices in Hammersmith and Fulham, £424,865, were slightly higher than in Richmond, £422,029, in 2004.

Barking and Dagenham and Newham were the least expensive boroughs in 1994 with average selling prices of £51,743 and £50,023 respectively.

Barking and Dagenham and Newham remain the least expensive boroughs with average selling prices in 2004 of £169,271 and £190,196 respectively.

In 1994, the average price was below £100,000 in the overwhelming majority of boroughs, 25 out of 32. In 2004, Barking & Dagenham, Newham and Bexley, £195,943, were the only boroughs were the average price was still below £200,000.

Newham has seen the biggest rise in residential property prices in the capital over the past five years with a 146% increase.

Property prices have at least doubled since 1999 in eight boroughs. Five of the six boroughs recording the biggest rises are in north-east London with Newham followed by Barking and Dagenham, 132%, Waltham Forest, 116%, Redbridge, 113% and Havering, 106%. The exception in the top six is Brent, 107%.

Prices have risen most slowly in Lambeth, 55%, followed by Ealing, 62%, Hammersmith and Fulham, 63%, and Wandsworth, 65%.

Martin Ellis, chief economist, says: "Boroughs in the north west have typically experienced the biggest price gains over the past 10 years, partly reflecting the convenience and short commuting times that these areas offer.

"But it has been boroughs in the outer reaches of the capital, particularly in the North-East, that have seen the strongest rises in the last five years.

"The greater affordability of residential property compared with more expensive central locations has been the key factor driving up prices in these parts of the capital."

source: Mortgage Strategy