A newly released report on house prices in London has revealed 10 areas in London that have witnessed rise in house prices in the past year. The borough of Newham which is home to the Olympic stadium and major sections of the Olympic park has been knocked off from the top spot by Hillingdon, a west London borough.
House prices in Hillingdon have in the past one year risen by 14.6% to 348,000 according to latest figures from the Lands registry. Despite this significant increase, Hillingdon borough which is home to Heathrow international airport is still the 6th cheapest area in London to buy a home. This has made it very attractive to home seekers who can’t afford homes in districts like Hanwell and Ealing.
Johnny Morris, Hampton’s International head of research summarises this statistics by saying that the house prices growth in the whole of London had cooled this month but there is still a lot of market growth in outer London and commuter belts due to affordability. He further adds that the sixteen boroughs that have price growths of double figures are located in outer London and most people prefer them due to affordability.
The rise in house prices in Hillingdon has also been aided by the proposed construction of a high speed rail which will significantly cut travel time to central London. The rail is set to connect central London to Hayes, West Drayton and Harlington. The high speed rail is set to pass through Hillingdon where two stations will be built. On the other hand, homes in Enfield, a borough in north London has experienced significant growth and has risen to 13.9% to under 346,000