{"id":12056,"date":"2018-02-22T14:15:50","date_gmt":"2018-02-22T14:15:50","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=12056"},"modified":"2023-10-06T11:04:17","modified_gmt":"2023-10-06T10:04:17","slug":"areas-london-bucking-trend-house-price-growth","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-gb\/news\/areas-london-bucking-trend-house-price-growth\/","title":{"rendered":"These areas in London are bucking the trend for house price growth"},"content":{"rendered":"

House prices in London have seen the weakest growth in the UK, with Land Registry data showing just a 2.5% annual rise compared to the rest of the country’s 5.2% average. But some parts of the city are still performing well…<\/strong><\/p>\n

The average asking price<\/a> for property in London is currently \u00a3627,951, according to Rightmove data, which is 1% lower than it was in February 2017. Although across the capital as a whole asking prices shot up by 4.4% month-on-month from January to February, there are 22% less homes for sale now than there were a year ago, and this lack of availability could be the main factor that is keeping parts of the capital afloat – while other areas of the city are seeing significant declines<\/a>.
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Selling times have also increased, up to 83 days on average compared to 64 days this time last year, according to the house price index from Rightmove.<\/p>\n

But there is a brighter outlook<\/a> in some parts of the city, particularly in the outer zones away from ‘prime London’.<\/p>\n

1. Bexley<\/h4>\n

The London borough that has seen the most impressive house price growth over the past year is Bexley in south-east London<\/a>, which covers areas including Bexleyheath, Bromley, Dartford and Thamesmead. Here, property prices have jumped by an impressive 4.2% since February 2017 to \u00a3408,466 on average, with a 1.3% increase reported in the past month.<\/p>\n

2. Walthamstow<\/h4>\n

In terms of how long properties are on the market for, the top performing area is Walthamstow, where it takes an average of just 26 days to sell – and the average property costs \u00a3473,852. However, houses in the borough of Waltham Forest<\/a>, where Walthamstow is situated, have lost 2.4% of their value on average over the past year, with a 0.4% negative monthly change, indicating Walthamstow itself is the anomaly in the area.<\/p>\n

3. Hackney<\/h4>\n

The most central borough in London to have seen positive house price growth is east London<\/a>‘s Hackney, where the average home is now listed for \u00a3654,695. This is a 3.6% boost from the previous year, and a 0.2% monthly increase. Hackney is predominantly in underground zone 2, and has become increasingly popular with young professionals<\/a> in recent years as the area has seen huge investment and gentrification.<\/p>\n

4. Other areas in the east and north<\/h4>\n

In Barking and Dagenham, also in the east, property prices have gone up by 3% on average since February 2017 to \u00a3317,065, while further out of the city in Havering prices have risen 2.8% to \u00a3409,814. Redbrige is another top performer with house price growth of 1.3% to \u00a3453,600, and Haringey has seen a modest 1% rise to \u00a3607,736.<\/p>\n

5. Croydon<\/h4>\n

In south London, the only borough to have seen house prices go up is Croydon, which is set to benefit from huge investment with the addition of a new Westfield shopping centre, among other things. Here, property prices have risen by 0.8% to \u00a3440,521, although the last month has seen a slight 0.2% decrease.<\/p>\n

Miles Shipside, director at Rightmove, said:<\/p>\n

“The lack of new listings in the typically pricier more central locations indicates that some would-be sellers are holding back, preventing a glut of competition from forcing prices downwards.\u00a0Cash-rich owners are showing that they are able to sit tight instead of coming to market now and await their hoped-for price recovery.”<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

House prices in London have seen the weakest growth in the UK, with Land Registry data showing just a 2.5% annual rise compared to the rest of the country’s 5.2% average. But some parts of the city are still performing well… The average asking price for property in London is currently \u00a3627,951, according to Rightmove… Read more »<\/a><\/p>\n","protected":false},"author":1069,"featured_media":12069,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[12,6],"tags":[33,11,341],"class_list":["post-12056","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-london","category-uk-housing-market","tag-house-prices","tag-london","tag-newsletter"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/12056","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/users\/1069"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/comments?post=12056"}],"version-history":[{"count":1,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/12056\/revisions"}],"predecessor-version":[{"id":6097116,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/12056\/revisions\/6097116"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media\/12069"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media?parent=12056"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/categories?post=12056"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/tags?post=12056"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}