Home Residential Property800% in 30 years: Hackney home prices rise faster than Kensington & Chelsea

800% in 30 years: Hackney home prices rise faster than Kensington & Chelsea

by LLP Editor
4th Sep 14 12:40 pm

If you pooh-poohed the idea of buying a home in Hackney, prepare to be sorry and well, jealous.

Since 1987 the total value of homes in Hackney has rocketed by an eye-watering 864%. Thatโ€™s 200% more than the surge in value Kensington & Chelsea and Westminster (661%) has seen.

While Islingtonย saw a 660% rise in property, price were up 642% in Lambeth, 590% in Hammersmith & Fulham and 574% in Wandsworth.

According to research by estate agent Stirling Ackroyd, the price of a two-bed converted warehouse flat off Shoreditch High Street has shot up by 1,295%. In 1998, the home fetched ยฃ60,000, compared with ยฃ836,000 this year.

Managing director Andrew Bridges told the Standard: โ€œNow, across London, the city of old has gone the way of the bowler hat โ€” and our capital has developed a buzz from its under-loved corners.

โ€œOld hotspots like Kensington or Westminster remain enormously valuable. But now London is looking east. As the capitalโ€™s economic and cultural heart grows outwards and eastwards, the city fringes are demonstrating the greatest dynamism.

โ€œTodayโ€™s best opportunities exist because of an intricate pattern of new working and living spaces, which only a flexible approach to property uses can allow.ย  Development sites still exist in great numbers around the City of London, andย are allowing a growing stock of all types of property.

โ€œWhat matters most for successful neighbourhoods is a willingness to grasp new opportunities.ย  Investment in infrastructure is needed along the way, as weโ€™ve seen with the DLR and the London Overground. But above all, planning rules that embrace change have been the biggest factor in the creation of new ideas and new wealth.โ€

Now read:

Londonโ€™s thinnest home for sale for ยฃ235,000. We donโ€™t know where to start

โ€œOppressive, arrogant and ineptโ€ โ€“ here is the UKโ€™s ugliest building

โ€œBoris Islandโ€ was shot down today. Here are four other Boris projects that will be lucky to see the light of day

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