Camden, Hackney and Haringey recorded the biggest house price growth in London in 2017, according to new research.
Property prices increased by 13.4%, 9.1% and 7% in these three boroughs with Newham, which had been top of the growth table for two years now no longer even in top 10, according to the Hot 100 report from real estate firm CBRE.
In fourth place is Waltham Forest with prices growth of 6.3%, then Barking up 5.2%, Greenwich up 4.9%, Redbridge up 4.6%, Bexley up 4.5%, Islington up 4.3% and Havering up 4.1%.
Kensington and Chelsea remained the most expensive borough in London in 2017 with the highest average house prices in the capital.
By analysing the top performing boroughs in a number of categories, including economic growth, affordability, lifestyle choices and employability, the Hot 100 report provides a snapshot of the biggest housing market trends.
The outer boroughs had considerable success too. Barking was proven to be the most affordable borough, using a ratio of average house prices to average earnings, whilst Newham was shown to be the most economically successful borough of 2017, with the highest GDP growth of 5.6%.
According to Mark Collins, chairman of residential at CBRE UK, the report shows that confidence in London’s property market remains strong, with activity and investment growing.
‘The London economy includes financial services, life sciences and many of the world’s best advisory firms. This diversity not only attracts people from all over the world to study and work here, but also creates a robust economy that stands strong throughout uncertainty and shock, and it is no surprise that the property market mirrors this resilience,’ he said.
He pointed out that the research highlights the impact that large scale investment can have in terms of creating communities, public realm, jobs and economic growth, all of which attracts new residents.
‘The multimillion pound regeneration project in Barking has transformed the borough in to one of the most sought after areas for first time buyers and currently the most affordable borough in the capital for property purchasers,’ he explained.
‘Areas including Tower Hamlets, Newham and Greenwich are leading the way in creating new homes to welcome present and future residents to the capital, with over 26,000 new properties under construction between them,’ he added.
‘London remains one of the very top global cities. The combination of its strong economy, renowned education, world class heritage and diverse culture suggests that London’s population will keep growing for many years to come,’ he concluded.