According to exclusive statistics compiled for Homes & Property, Barking and Dagenham, the least expensive borough of London, experienced the most increase in home prices in 2022.
According to data from property portal Zoopla, average prices increased by 6.6% to £339,100 in the east London borough as purchasers looked for inexpensive dwelling options amid the cost of living problem.
Public transportation upgrades, including the extension of the London Overground to Barking Riverside, where thousands of new houses are being built, have also helped the neighbourhood.
According to the Zoopla analysis, the majority of the largest rises occurred in the outlying boroughs of London, where purchasers may receive a lot more for their money. Additionally, because of the transition to hybrid working, they are no longer burdened with the high commuting expenditures of the pre-pandemic era.
Bexley came in second with an increase of 5.7% to £403,800, followed by Havering (5.5%) to £428,900 and Sutton (5.2%) to £445,800.
The borough with the highest ranking for wealth was Richmond, where prices increased 5.2% to £774,500.
Prices in more pricey central London boroughs hardly increased as values were kept in check by rising mortgage rates, tightened affordability, and the gradual return of international purchasers following the pandemic.
The Westminster market saw the smallest gain overall, with price inflation just 1.3% to £976,000. Kensington & Chelsea followed with a 1.7% increase to £1.182 million.
Camden and Hammersmith & Fulham, two additional affluent boroughs, also experienced modest gains of about 2%.
You can also find out how much your property could be worth on the current market by checking out our free and instant online valuation tool. Please bear in mind that this data is automatically generated. If you would like to have an in-depth, personalised valuation with one of our property experts, please don't hesitate to contact us on 020 7723 5645 or pop into our local Fraser & Co office for a friendly chat.
Source:
Evening Standard
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