28th June 2008
London’s best performing boroughs during Blair years
Barking & Dagenham tops list as house values more than triple over decade
haart estate agents reveals the staggering property price rises experienced by each of Greater London's 33 Boroughs during the ten years of Tony Blair's Government.
The biggest winners from the past decade’s property boom are not those living in trendy Notting Hill or up-market Chelsea. Instead, homeowners in unfashionable Barking & Dagenham have seen the most lucrative returns on their bricks and mortar investments under New Labour.
haart's research compared average house prices in the capital from April - June 1997 to those today. Property values in Barking & Dagenham have jumped by an amazing 329% in this time (see Table 1).
Table 1: London’s top performing Boroughs.
|
LONDON BOROUGH
|
APRIL - JUNE 97 AVERAGE PROPERTY PRICES (£)
|
MAY 07 AVERAGE PROPERTY PRICES (£)
|
% RISE IN AVERAGE HOUSE PRICES
|
|
(ALPHABETICAL ORDER)
|
|
Barking & Dagenham
|
54,853
|
235,263
|
329%
|
|
Newham
|
55,332
|
230,195
|
316%
|
|
Waltham Forest
|
65,626
|
262,547
|
300%
|
|
Hackney
|
85,492
|
324,758
|
280%
|
|
Lewisham
|
71,798
|
259,636
|
262%
|
Barking & Dagenham has seen property values go from £54,853 in 1997 to £235,263 today. The rise comes despite the economic setback suffered by the district when car company Ford closed its Dagenham factory at the start of the millennium.
The top five performing Boroughs are all from the traditionally working-class east end of the city. The neighbouring districts of Barking & Dagenham, Newham, Waltham Forest, Hackney and Lewisham in the east, north east and south east of Greater London have all seen meteoric rises in property prices.
These Boroughs were amongst the lowest valued areas in the capital in 1997 and remain among the cheapest today. Despite the greatest house prices rises, Waltham Forest, Newham, Lewisham and Barking & Dagenham still represent the best value. Investors will expect this trend to continue - particularly in Newham, which is set to benefit from massive investment as it prepares to stage the 2012 Olympic Games.
The five smallest percentage price increases were recorded in some of the most expensive areas to buy in - Hammersmith & Fulham, Richmond, Wandsworth, Camden and Westminster.
Across London, average prices have grown by 195%, which has been attributed to the relentless growth of London’s financial services industry.
Russell Jervis, managing director of haart, comments: "These figures show the extent to which London's homeowners have benefited from the property boom over the last ten years. The 'haves' have not benefited at the expense of the 'have-nots'. In fact, homeowners in previously undesirable London Boroughs have seen their investments perform better than those with houses in more expensive areas."
"With property price rises in the capital set to continue in the coming years, homeowners can look forward to further gains under a Gordon Brown Government."
ENDS
For more information please contact:
Vicki Fletcher or Louise Marshall
The Wriglesworth Consultancy
T: 020 7845 7900
E: v.fletcher@wriglesworth.com
Back to press releases