Newham sees UK's fastest growth in house prices after huge 22% jump

Growth: The Greater London boroughs of Redbridge, Enfield, Croydon and Bexley also made the top 10
Dominic Lipinski/PA
Sebastian Mann28 December 2015

Newham saw the fastest house price growth of any part of the UK in 2015, new figures show.

The east London borough, which hosted the 2012 Olympics, experienced a 22 per cent jump in property values, Halifax said.

The building society’s report, based on its own housing statistics database, looked at how house prices have held up in major towns and cities across the UK as well as those in London boroughs in 2015.

It found Kensington and Chelsea, as well as the Welsh region of Merthyr Tydfil, were among places showing the weakest growth.

In the affluent London borough, prices rose by an average of only one per cent in the past 12 months. But the average home in Kensington and Chelsea is worth a hefty £807,407.

Across the UK generally, house prices have leapt by 10.1 per cent over the last year as the property market recovery has spread, with the average home now worth around £230,672.

However, there have been signs of some of the steam coming out of the central London property market, as buyers look further afield for value.

Halifax said that property values in Newham in 2015 stood at £319,522 on average, marking a 22 per cent or £58,000 jump compared with 2014 and making it the UK's best house price performer this year.

London and the South East filled out the top 10 house price performers list, with Royston in Hertfordshire in second place. Property values in Royston have increased by 19 per cent over the last year, reaching £357,049 on average.

The Greater London boroughs of Redbridge, Enfield, Croydon and Bexley also made the top 10, as did Leigh On Sea, Dartford, Rochester and Abingdon in the South East.

Martin Ellis, a housing economist at Halifax, said: "Those areas that have seen the biggest house price increases over the past year are either in outer London or within close commuting distance of the capital.

"Demand in these areas has risen as rapid house price rises in central London in the past few years have caused increasing numbers of people to look for property in more affordable areas.”

Additional reporting by PA

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