Looking at the London housing market over the past two decades reveals the extent of house price inflation, and some areas have seen unprecedented rises.
The London borough of Hackney, renowned for its hipster identity in the east of the city, has been placed in top spot by property portal Rightmove for the number of online enquiries made for property listings in the area. It has risen through the ranks over the past few years to become one of the most sought after places to buy a property.
The average asking price of a home in the borough of Hackney is currently £626,095, despite a dip of 4.9% over the past 12 months up until the end of May 2019.
Hackney has gained in popularity over the last 10 years, as buyers shifted east finding themselves outpriced in Islington and neighbouring areas. Prior to the last 12 months, Hackney had achieved the highest increase in property values of any local authority in the UK, soaring by 568% since 1998.
Green spaces and transport links attract City workers and families
Tom Jones at local estate agents Savills in Hackney said: “The area attracts those working in the City and young families, propelled by the fact it has ‘everything on the doorstep’. Historically, the area had limited bars or shops, but over the last 10 years, we had new bars and restaurants opening, with good transport links that meant it was close to the city. When the East London Line opened up, it made it really rapid to get to the West End and Liverpool Street.”
Mr Jones added: “Hackney is a green borough ideal for young families with areas like Victoria Park. Areas such as Upper Clapton, which were not popular five years ago, are now where people want to be.”
London’s top five property hotspots
Rightmove’s data revealed that the top five boroughs receiving the highest volume of enquiries from prospective buyers after Hackney are Islington, Southwark, Lambeth and Haringey.
Second in the top five is Islington, where the average asking price stands at £770,123, making it a location for buyers with deeper pockets. The choice of Victorian and Georgian houses makes it a top pick for families and long-term residents.
The new developments planned along the Regent’s Canal offer a more contemporary alternative for buyers looking to downsize or with generous budgets.
The large borough of Southwark makes it into third spot. Average property prices are £634,232 and the choice of housing includes social housing, new-build schemes and period properties runs from Camberwell, Peckham, Borough to the South Bank.
Southwark’s excellent transport links appeal to young professionals, having access to Bakerloo, Northern, Jubilee and East London underground.
In Lambeth, London’s fourth most in-demand borough, average asking prices are now £632,590. At number five, Haringey’s average cost of a home comes in at £602,170.
