29 Dec

London’s Newham reports biggest 2015 rise

London’s Newham reports biggest 2015 rise

House prices in Newham in London have seen the biggest urban price rise over the past 12 months.

According to new research from Halifax, the London borough has seen a 22 per cent rise in prices, with the average home in the area increase in value from £261,399 to £319,522 - compared to a 12 per cent rise across the whole of the capital.

Other areas that proved popular with buyers included the town of Royston in Hertfordshire, which saw the second largest rise in average house prices over the year with an increase in value of 19 per cent.

The study also showed property performed well in Stroud in Gloucestershire, Wellingborough in Northamptonshire, and Solihull in the West Midlands.

However, there was also a number of towns that saw a decline in house prices during 2015, with a 3.8 per cent fall saw in Merthyr Tydfil in South Wales, a 2.3 per cent decline in Colwyn Bay in North Wales and Coalville in Leicestershire saw prices lower by 0.5 per cent over the 12 months.

Martin Ellis, housing economist at the Halifax, explained towns within commuting distance of London have continued to do well.

“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,” explained Mr Ellis.

He added: “A few towns have experienced modest price falls. These areas are typically still suffering from relatively weak employment and economic conditions, which has dampened local housing demand.”ADNFCR-1222-ID-801808972-ADNFCR

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