London’s most up-and-coming neighbourhoods have seen house price increases of up to 64.5% over the last year, according to research by Benham and Reeves.
When compared to the rest of the UK, the London housing market has stuttered over the past couple of years. In the last year alone, the average Greater London house price has grown by 6.7%, compared to a 12% increase across the UK as a whole.
However, according to Benham and Reeves, there is increasing confidence that, while gradual, momentum is returning to the London market. The latest research by the agency suggests this momentum is being led by a select group of neighbourhoods that are proving popular among buyers and, as a result, enjoying impressive price growth.
Nowhere in London have prices increased more than in the neighbourhood of Churchill in Westminster, the study found. Here, house prices grew by 64.5% (£392,250) in the past year to sit at a current average of £1m.
In the Wandsworth neighbourhood of Northcote, which connects the north side of Clapham Common with Wandsworth Common, buyers have pushed house prices up by 61.4% (£505,500) to an average of £1.3m.
The Wembley Central neighbourhood of Brent has seen prices rise by 51.4% (£190,000), while the average price in the Hammersmith & Fulham neighbourhood of Parsons Green & Walham has increased by 51.3% (£610,000) in the past year.
Impressive house 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.”
