Sunstantial growth in London house prices over last 20 years says Lloyds Bank
Recent press release from Loyds Bank published 17th February headlined ‘London House Prices: Hackney leads the way with the highest rise in the capital’.
According to new research by Lloyds Bank, the North East London Borough of Hackney has seen the steepest growth in house prices in the capital over the past 20 years and in that same amount of time time the gap in average house prices between London and England and Wales has significantly widened.
London house prices are now nearly 12 times average earnings, Kensington & Chelsea and Westminster prices remain most expensive.
Andrew Mason, Lloyds Bank Mortgage Director commented: “The last 20 years have seen substantial growth in house prices in London, especially in the most affluent areas of the City. The boom years between 1996 and 2008 saw the gap widening between house prices at the top end of the market and those in London’s inner and outer boroughs, creating two distinct markets1 – ‘Prime’ and ‘Mainstream’.
“However, whilst those boroughs at the top end have pulled away considerably from the rest of London and the country in terms of house prices, improved transport links to the city from the outer boroughs and the 2012 Olympic Games has meant that the boroughs directly benefitting from these have seen house price growth outpace the Prime areas in recent years.”
Read the Lloyds Bank release on London House prices published 17th February in full click here