Landlord News

Which is the New Fastest Growing London Borough?

Rose - September 1, 2015

The London Borough of Newham has had its title of the fastest house price growth in the capital taken off it for the first time this year.

The west London borough of Hillingdon now takes the top spot, followed by Enfield in the north, according to recent data from the Land Registry.

Hillingdon, home to Heathrow Airport, rose eight places in June and one place in July, taking the title of the fastest growing house prices, which increased by 14.6% in the past year, to an average of £348,000.

This is believed to have been caused by the Crossrail effect, as the borough is set to have two stations, West Drayton and Hayes and Harlington, on the new high speed rail network, which will reduce journey times to central London.

Homes in Enfield have seen similar growth, rising by 13.9% over the last 12 months, to just under £346,000.

The top ten fastest growing boroughs

Position

Borough Average house price Annual change

Monthly change

1 Hillingdon £347,963 14.6% 1.4%
2 Enfield £345,816 13.9% 1.2%
3 Newham £309,078 13.5% 0.6%
4 Harrow £392,045 13.3% 1.7%
5 Croydon £339,830 12.7% 1.4%
6 Barnet £479,964 12.6% 2.6%
7 Bexley £294,302 12.1% 0.5%
8 Redbridge £367,553 11.9% 1.8%
=10 Barking and Dagenham £283,121 11.8% 1.3%
=10 Hounslow £377,973 11.8% 0.3%

Property prices in Newham have remained strong however, with an increase of 13.5% over the year, to almost £310,000. It is still the third most affordable borough in London.

Barking and Dagenham in the east and Bexley in the southeast have the cheapest house prices, and are the only two parts of the capital where average property prices are under £300,000.

It is therefore unsurprising that both boroughs are in the top ten, with Bexley in seventh place and Barking and Dagenham joint tenth with Hounslow.

Overall, house prices in London have slowed, increasing by an average of 8.3%. It is no longer the fastest growing region of the UK, currently second behind the East of England, where prices have risen by 8.9% over the last year.