The Olympics’ effect: house price increases in Newham are second highest in capital10 Apr 2017
In the Borough of Newham house prices have increased by an average 14% over the last year, second only in the capital to Waltham Forest.
The average house price in the Newham borough now stands at £372,000, compared with £453,000 in Waltham Forest.
Elsewhere in the capital, house prices increased by an average of just over 7% to £491,000.
In the last 12 months, house prices have increased more in the boroughs which hosted the London 2012 Olympics. Boroughs like Newham have benefitted from regeneration and redevelopment schemes and improved transport links as a result of the Olympics, and yet property prices are still relatively affordable when compared with other parts of the capital.
Improved local facilities, transport connections and an abundance of green spaces has helped make Newham a desirable place in which to live.
Across London as a whole, house prices are rising fastest in the outer boroughs. Meanwhile central London is still experiencing a general slowdown. Slower growth is attributed to stamp duty increases and the uncertainty surrounding Brexit and the soon-to-start negotiations.
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