Borough homes have reached £400k average
Houses in area up 17% in just a year
HILLINGDON borough’s house prices are the fastest growing in London, with the average house value reaching almost £400,000.
Prices in the area were 17.1 per cent higher at the end of February than a year earlier, having risen by 1.4 per cent in a month.
Overall, the rise was the third highest in the whole of England and Wales, with the average price in the area now at £391,728.
Hillingdon’s rapid price rise was beaten only by Slough, Berkshire, which increased by 19 per cent and has an average price of £236,023, and Thurrock, Essex, which increased by 17.2 per cent and has an average price of £194,207.
In nearby Hounslow, prices were 13.6 per cent higher than at the same point in 2015, although prices fell by 0.5 per cent in February, with an average price of £409,062.
Harrow saw an annual increase of 11.7 per cent, with an average price of £425,111, and Brent saw prices rise 11.2 per cent to an average of £478,285.
Hammersmith and Fulham recorded one of the biggest monthly rises, up 2.2 per cent in February.
Hillingdon’s growth rate is almost three times the average national rise in house prices, which was 6.1 per cent in the year to February, which takes the average property value in England and Wales to £190,275.
London experienced the greatest increase in its average property value over the past 12 months with a movement of 13.5 per cent.
On a national scale, the number of properties sold in England and Wales for more than £1 million increased by two per cent to 1,077 from 1,052 a year earlier.
Repossessions in England and Wales fell by 50 per cent to 356 compared with 706 in December 2014.
London comes out on top again as it is the region with the greatest fall in the number of repossession sales, dropping by 67 per cent for the 12 months from December 2014.
But it is bad news for private renters as the rental prices for homes increased in all English regions over the year to February 2016, with rents increasing the most in London – at 3.8 per cent.