London house price hotspots: Hackney house prices surge 568% over 20 years

 

Looking at the London housing market over the past two decades reveals the extent of house price inflation, and some areas have seen unprecedented rises.

The London borough of Hackney, renowned for its hipster identity in the east of the city, has been placed in top spot by property portal Rightmove for the number of online enquiries made for property listings in the area. It has risen through the ranks over the past few years to become one of the most sought after places to buy a property.

The average asking price of a home in the borough of Hackney is currently £626,095, despite a dip of 4.9% over the past 12 months up until the end of May 2019.

Hackney has gained in popularity over the last 10 years, as buyers shifted east finding themselves outpriced in Islington and neighbouring areas. Prior to the last 12 months, Hackney had achieved the highest increase in property values of any local authority in the UK, soaring by 568% since 1998.

Green spaces and transport links attract City workers and families

Tom Jones at local estate agents Savills in Hackney said: “The area attracts those working in the City and young families, propelled by the fact it has ‘everything on the doorstep’. Historically, the area had limited bars or shops, but over the last 10 years, we had new bars and restaurants opening, with good transport links that meant it was close to the city. When the East London Line opened up, it made it really rapid to get to the West End and Liverpool Street.”

Mr Jones added: “Hackney is a green borough ideal for young families with areas like Victoria Park. Areas such as Upper Clapton, which were not popular five years ago, are now where people want to be.”

London’s top five property hotspots

Rightmove’s data revealed that the top five boroughs receiving the highest volume of enquiries from prospective buyers after Hackney are Islington, Southwark, Lambeth and Haringey.

Second in the top five is Islington, where the average asking price stands at £770,123, making it a location for buyers with deeper pockets. The choice of Victorian and Georgian houses makes it a top pick for families and long-term residents.

The new developments planned along the Regent’s Canal offer a more contemporary alternative for buyers looking to downsize or with generous budgets.

The large borough of Southwark makes it into third spot. Average property prices are £634,232 and the choice of housing includes social housing, new-build schemes and period properties runs from Camberwell, Peckham, Borough to the South Bank.

Southwark’s excellent transport links appeal to young professionals, having access to Bakerloo, Northern, Jubilee and East London underground.

In Lambeth, London’s fourth most in-demand borough, average asking prices are now £632,590. At number five, Haringey’s average cost of a home comes in at £602,170.

Highgrove Mews

High Net Yield Freehold Houses

  • Commutable to London (27 mins to central Paddington station)
  • Rental demand extremely strong with large industry presence in Reading
  • Freehold with 4% net yield

£284,955 - £457,000

St Petersgate – Stockport Manchester

New Launch - Stockport Manchester, apartments from £160,000

  • Discounted launch prices from £160,000
  • Excellent transport links with 3 trains per hour to London Euston and only 9 mins journey to Manchester Piccadilly
  • Experienced development team

Assured Rent Housing Association Leases

Assured Rent Housing Association Leases

  • Assured rent & no rental voids
  • Tenant damage cover & newly refurbished inline with requirements of a corporate sitting tenant
  • Free property and lettings management

From £62,000

Emerging Birmingham Commuter Town With Properties From Just £104,000

The emerging Birmingham commuter town where properties are selling in an average of just 24 days

  • A collection of 62 two bedroom apartments and 28 one bedroom apartments.
  • DE14 is one of the fastest selling postcodes in the West Midlands.
  • 23 minute train journey into Birmingham New Street Station.

Properties from £104,000

Mill, Stockport

The Northwest's emerging property hotspot

  • Discounted off-plan 2-bed prices from £162,000
  • Completion date - Q4 2021
  • Rental yields - 6% plus

Discounted off-plan 2-bed prices from £162,000

South Central – Birmingham City Centre Apartments

Highly anticipated 28 storey launch in Birmingham City Centre with an impressive roof garden and communal facilities.

  • 154 units across 28 storeys
  • Residential multi-media community room, gym, roof garden and sky cinema
  • Excellent future connectivity via the metro system to other key transport hubs and locations around the city

from £205,800

ba-

Talk to us

Speak to our UK property experts today: 

+44 (0) 333 123 0320

Open from 9am-6pm GMT

+852 9865 4446

Open from 9am-6pm HKT

Stamp Duty Calculator

.

Unlock members only investment opportunities and full development details. Join now – it’s free, quick and easy.

Login

Not a member? Sign up for free

Shoreditch, London Borough of Hackney. UK architecture.

London house price hotspots: Hackney house prices surge 568% over 20 years

Example

By submitting your details via this online form you agree to be contacted via email/phone/SMS by Direct Marketplace Ltd t/a BuyAssociation in relation to property investment and property developments . We do not share your personal details with third parties.  To view our full Privacy Policy click here.