Asking prices have risen in every London borough - except one
Rightmove have provided a number of statistics to help us understand the state of the current market for property prices. Those who are thinking of selling will be pleased to know that asking prices have risen by an average of 7.3% compared to last year. Rightmove have put this increase down to the end of the pandemic restrictions and offices re-opening.
Tim Bannister, of Rightmove, has said:
'As the final legal restrictions look to be ending soon, and more businesses are encouraging a return to the office for at least part of the week, we now have a group of movers who are looking to return closer to major cities, or at least within comfortable commuting distance of their workplaces.'
In terms of the borough with the highest price increases, it was the Outer London Borough of Bromley which saw an incredible 11.5% increase, with average asking prices of £610,500. The borough with the lowest? Hackney.
Hackney saw a drop of 0.9% in the same period, with average price now £635,000. However, it is worth nothing that Hackney saw an astounding 568% increase in the 20 years leading up to 2018, so the general thoughts are that prices in this borough have now peaked.
For the areas we cover, we are pleased to announce that there has been a rise in property prices, as listed below:
| BOROUGH
|
AVERAGE PRICES
|
ANNUAL CHANGE
|
| Waltham Forest
|
£531,673
|
5%
|
| Redbridge
|
£502,240
|
6.1%
|
| Newham
|
£449,561
|
4.9%
|
| Tower Hamlets
|
£568,597
|
0.6%
|
In terms of demand for properties, statistics suggest that demand is still outweighing supply, although there are 11% more properties on the market compared to last year. Rightmove statistics also indicate that London has set a new record for number of buyers enquiring about properties with a massive 24% increase over the last year.
The latest findings from Rightmove suggest it is a great time to sell
We are estate agents and letting agents in Leytonstone, E11 and we are specialists in the East London property market. Request a free valuation and one of our experts will get in touch with you to discuss how we can help you
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