Despite the current uncertainties in the London property market over the past 12 months the city has a generally healthy outlook with growth averaging 15%.
An analysis of London’s 33 boroughs by real estate firm CBRE measures everything from sales and rental growth, to the average age and salaries shows that the outer boroughs have experienced a greater increase in average house prices than the inner parts of London.
Whilst established central locations such as Kensington, Chelsea and Westminster continue to generate the highest house prices, the report shows that emerging areas of outer London such as Waltham Forest and Barking and Dagenham have shown impressive house price growth over the last year, at 25% and 22.3% respectively.
As the capital’s population rises, the report also provides an update on London’s undersupply of housing stock. The research highlights that the city’s planning pipeline is now at record levels with Tower Hamlets shown to have the most units currently in the development pipeline, at 24,993. Tower Hamlets also has the highest anticipated population growth in the next decade.
A breakdown shows that the highest average property prices are in Kensington and Chelsea and the lowest in Barking and Dagenham while the biggest house price growth over the last 12 months has been in the City of London and the lowest in Kensington and Chelsea.
The biggest growth in average rents has been in Hounslow and the lowest in the City of London while the highest average rents are in Kensington and Chelsea and the lowest in Bexley.
The highest growth in population in the next decade is predicted to be in Tower Hamlets and the lowest in Kensington and Chelsea.
The research also shows that the borough with the highest share of private rented sector homes is Westminster and the lowest is in Bexley while Havering has the highest number of owner occupiers and Tower Hamlets the lowest.
When it comes to development the borough of Tower Hamlets has the most units in the planning pipeline and the City of London the least. Off plan sales are highest in Newham and lowest in Kingston Upon Thames.
