Global real estate advisor, CBRE, has launched its annual residential research report, Borough by Borough. The 2018 edition measures everything from sales and rental growth to the average population and salaries throughout each of London’s 33 boroughs, as well as the number of Michelin starred restaurants and the amount of park land.
London’s outer boroughs have one again been experiencing considerable property price growth and rental price growth. Harrow, for example, has seen average annual house price growth of 14%; seven times higher than the London average, according to CBRE.
Meanwhile, major investment in to the regeneration and development of boroughs, such as Waltham Forest and Barking and Dagenham are having a positive impact on long-term house price growth. Waltham Forest has seen average property prices soar by 83% on average over the last five years; almost double the London average.
The combination of regeneration, affordability and improved transport links has attracted more and more buyers to the capital’s outer boroughs, particularly first-time buyers and young families looking to take advantage of the high levels of affordable residential developments.
The past year has also seen inner London’s most central boroughs show signs of significant recovery and improvement, following two years of political uncertainty in the UK. For example, Kensington and Chelsea, which currently has both the highest average house and rental prices in London, has shown an annual property price increase of 9%.
In addition, CBRE predicts that Hammersmith and Fulham will see average rents rise by 29% over the next five years, while the City of London will see rental price growth of 25% during the same period.