London’s most up-and-coming areas have seen property price increases of up to 64.5% over the last 12 months, according to research by Benham and Reeves.
When Greater London is compared to the rest of the UK, the property prices have not increased at the same rate as the UK Average. In the past year, the average Greater London house price has grown by 6.7%, compared to a 12% increase across the UK.
However, according to Benham and Reeves, that while momentum is returning to the London market, the latest research by the agency suggests this is being led by a select group of neighbourhoods. These neighbourhoods are proving popular among buyers and, as a result, enjoying some impressive price growth.
The study found that Churchill in Westminster was the area with the highest increase across London. The price of property grew by 64.5% (£392,250), and now sits at an average of £1m.
In Northcote, Wandsworth, which links the north side of Clapham Common with Wandsworth Common, demand has pushed house prices up by 61.4% (£505,500) to an average of £1.3m.
Brent in Wembley Central has seen prices rise by 51.4% (£190,000), while the average price in Parsons Green & Walham (Hammersmith and Fulham) has increased by 51.3% (£610,000) over the last 12 months.
Impressive property price growth has also been recorded in Merton’s Village neighbourhood (49.3%), Westminster’s Lancaster Gate (49.2%), Merton’s Merton Park (44.1%), Hackney’s Stamford Hill West (42.4%), Merton’s Wimbledon Park (39.1%), and the St Katharine’s & Wapping neighbourhood in Tower Hamlets (39.1%).
Marc von Grundherr, director of Benham and Reeves, commented: “The diversity of the London market makes it a fascinating one as there’s no real London house price, with property values and performance differing drastically from one neighbourhood to the next, depending on where has and hasn’t fallen out of fashion. As a result, there are many pockets of the London property market that have enjoyed some quite remarkable house price growth of late and they aren’t confined to any one corner of the capital.”