The rapidly gentrifying London borough of Hackney has seen steeper house price growth than any other area of the capital over the past 20 years, according to new research.
The neighbourhoods of Shoreditch, Stoke Newington, Dalston and London Fields were not so desirable in 1996, when the average Hackney house price was a little more than £75,000. That figure has ballooned to just over £600,000 in 2016, according to an analysis of Land Registry data carried out by Lloyds Bank.
Equivalent to a price increase of more than 700 per cent over two decades, this compares with an average increase of 450 per cent for London as a whole, and 290 per cent in England and Wales over the same period.
Following Hackney, homes in Westminster saw the next largest increase (648 per cent) to an average price of £1.4m in 2016, followed by Southwark where prices rose 626 per cent.
Hackney house prices were boosted by London’s “Olympic effect” from hosting the 2012 games. This also contributed to large rises in neighbouring boroughs of Newham (where average prices have risen 612 per cent) and Waltham Forest (up 617 per cent).
However, properties in Kensington and Chelsea have seen the largest growth in monetary value, with average house prices now a cool £1.86m — a 524 per cent increase in 20 years.
In 1996, average house prices were £100,000 across nearly two-thirds (64 per cent) of London’s boroughs, Lloyds said. Fast forward 20 years, and average house prices are now more than £500,000 in more than half of them.
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