London property prices have increased by up to 596% since 1995

By Rachel Bishop on August 29, 2014 11:50 AM |

DATA_hackney.jpg

Hackney housing prices have risen by 596% since 1995 - the highest percentage increase in all 32 London boroughs.

The average property in the borough is now a whopping £526,000 - 19 years ago it was £76,000.

The data has been collated by comparison site London Delivery Quote and Compare, using information from the Land Registry, London Development Database and Department for Communities and Local Government.

Tower Hamlets saw average property prices increase by 341% in the same period, Greenwich experiencing a 286% rise and Newham 258%.

Despite the increase in Newham's real estate market, which would see a property averaging £65,000 in 1995 now much closer to £240,000, it is still one of the cheapest boroughs to buy in.

A spokesman for the comparison company said: "The property gap has continued to widen over the last 20 years and the trend suggests that prices will only continue to skyrocket.

boomingproperty.png

Click to enlarge

"According to Rightmove, 10 out of London's 32 boroughs have experienced asking price rises of over 20% with a 43% increase in Tower Hamlets alone.

"It stands to reason that the increase in prices is not only a result of inflation and investment, but also signifies improvements in financial markets - and Britain's economic standpoint as a whole.

"In other words, property in London is one of the facets leading the economic recovery and, in that regard, house prices couldn't be healthier."

The average increase in property prices throughout London since 1995 stands at 258%, or the equivalent of two and a half properties if you happened to be buying back in the 1990s.

The Wharf The Wharf

Read The Wharf's

E-Editions