House prices are rising faster in Lewisham than any other borough in London, according to analysis of Land Registry data by the estate agent Chestertons. Prices in the borough rose on average by £385 a day during the first three months of 2016.
Bottom of the list was Bromley in the south east of London, where prices rose an average of £58 a day during the same period. House prices have risen sharply in the city over the past few years as intense demand from domestic buyers and foreign investors has resulted in a shortage of supply. Housebuilding in the city is also running at around half the level needed to meet demand.
"There's been a lot of negative talk of markets softening and prices set for serious falls, if not a full-on crash, but the doomsayers are conveniently overlooking really strong buyer demand in the first three months of this year," said Guy Gittins, executive director at Chestertons.
"Put simply, there just aren't enough houses on the market to satisfy demand, and when you factor in the rush from landlords trying to beat the 1 April stamp duty surcharge on additional homes, these strong price rises in London since the turn of the year aren't all that surprising."
As prices top out in the traditional, ultra-expensive areas of central London, such as Kensington & Chelsea, buyers are driven further out to areas where there is still value to be found, driving up property values in outer areas, such as Barking & Dagenham.
The Chestertons list of London boroughs in full.
|Borough||Inner/Outer||March 2016 avg price (£)||Increase per day over Q1 2016 (£)|
|Barking & Dagenham||Outer||330,515||293|
|INNER LONDON BOROUGHS||-||737,898||219|
|LONDON ALL BOROUGHS||-||534,785||197|
|OUTER LONDON BOROUGHS||-||439,039||184|
|Kensington & Chelsea||Inner||1,380,076||169|
|Hammersmith & Fulham||Inner||832,590||136|