House prices rise 17% in Hilling­don

Harefield Gazette - - NEWS -

BREXIT and a de­cline in for­eign in­vestors have been blamed for fall­ing house prices in two of west London’s most af­flu­ent ar­eas.

Kens­ing­ton & Chelsea and Ham­mer­smith & Ful­ham are the only bor­oughs in the cap­i­tal where prop­erty val­ues have fallen over the last year, ac­cord­ing to on­line es­tate agent

In Kens­ing­ton & Chelsea, nearly £80,000 was wiped off the value of an av­er­age house as prices slumped by 6%, while neigh­bour­ing Ham­mer­smith & Ful­ham saw a drop of 3%.

Their for­tunes are in sharp con­trast to the rest of London, where prices have risen by an av­er­age of 13% over the last 12 months - ad­ding nearly £53,000 to the value of a typical prop­erty. The av­er­age house price in 2015 across London was £419,474 which rose to £472,204 in 2106.

Hilling­don recorded one of the big­gest rises, with the av­er­age house in the bor­ough ap­pre­ci­at­ing by over £59,000 - or 17%.

There were also sharp in­creases in Brent (16%), Eal­ing (14%) and Houn­slow (12%).

eMoov’s fig­ures come just a month af­ter prop­erty web­site Right­move sug­gested Ham­mer­smith & Ful­ham and Kens­ing­ton & Chelsea were buck­ing the trend of fall­ing house prices in the cap­i­tal.

Rus­sell Quick, founder and CEO of eMoov, as­cribed the fall­ing prices to a com­bi­na­tion of stamp duty changes, a de­cline in for­eign buy­ers and the im­pact of Brexit.

“It comes as no sur­prise that the only two bor­oughs to have seen a de­crease in val­ues over the last year are two of London’s prime cen­tral bor­oughs,” he said.

“De­spite a lot of at­tempted smoke and mir­rors by high street agents in those ar­eas, the de­cline of London’s most pres­ti­gious prop­erty mar­kets has been ev­i­dent for a while now

“The most prom­i­nent fac­tors in this de­cline have been the changes to stamp duty for buy to let and sec­ond homes, as well as the re­duc­tion of for­eign in­ter­est in that par­tic­u­lar area of London.

“With the cap­i­tal suf­fer­ing from an ex­treme short­age in terms of the sup­ply of hous­ing, some might ar­gue that this might not be a bad thing.

“If this can go some way in lev­el­ling the play­ing field these prop­er­ties could po­ten­tially be bought by some­one who will ac­tu­ally use them as they are in­tended, as houses to live in all year round.”

In Hilling­don the av­er­age price in 2015 was £345,462, ris­ing to £404,502 in 2016 with a change in value of £59,040, equalling a 17% rise.

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