Per Sq Ft London house prices in boroughs surrounding the traditional West End core are turning increasingly prime as growth radiates outwards across London.
Figure’s from EGi’s London Residential Research show that growth in the price of new-build homes in inner London boroughs drove rising values in Q1, with values up by 9% in the first quarter of 2015.
Additionally, values have risen by more than 60% over the past three years.
Over a third of new housing stock is now above the £1,000 per sq ft mark in Southwark, SE1, Islington, N1, Camden, NW1, Tower Hamlets, E14, and Wandsworth, SW18.
Prime clusters have also emerged in and around new development postcodes, notably Nine Elms, SW8, and Aldgate, E1.
More development opportunities and a string of high-profile completions have led to more demand from buyers in these areas, helping to drive prices up.
This, combined with still-positive core growth and strong movements in the outer boroughs, has now dragged the average new-build house price through the £1,000 per sq ft barrier for the first time.
With average London prices overall edging ever closer to the £500,000 mark, we took a look at what that amount of money can currently buy in the market.
Full report: www.estatesgazette.com/lorema
Click on the interactive graph below to see the price distribution of properties across London. Hover over the lines to see absolute values.
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