Lack of new homes behind rising prices
PROPERTY prices in Hillingdon rose by an average of 13.1 per cent in 2014, Land Registry figures show.
The average price in the borough increased from £284,170 in January 2014 to £321,074 in November – the most recent month for which data is available.
The increase is greater than that of the average property price for Greater London during the same period, which was 12.7 per cent, although the average property price for Greater London was £461,453 in November 2014.
According to property website Zoopla, prices in West Drayton grew by the smallest margin in the borough in 2014, at 7.9 per cent, while those in Hayes and Yeading experienced the greatest increase, at 10.6 per cent.
The Zoopla data shows that properties in Uxbridge have the highest average asking price of anywhere in the borough, at £332,333, while those in Hayes and Harlington have the lowest, at £286,831.
Jeremy Wasden, owner of estate agents Belvoir Lettings, predicted prices in the borough would vary in the short-term but were likely to continue growing long-term.
He said: “Population growth continues and we are not building enough dwellings to cater for that growth so that can only lead to upwards pressure on house prices.”