Newham has UK's fifth highest house price rises thanks to 'Olympic effect'
PUBLISHED: 12:09 21 March 2017 | UPDATED: 12:25 21 March 2017
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Newham has the fifth highest-rising house prices of anywhere in the country, according to figures released today.
The east London borough is one of only two council districts in the capital to feature in the top five UK local authorities for house price growth over the last year.
Figures by the Land Registry, Registers of Scotland and Land and Property Services Northern Ireland show property in Newham increased in price by an average of 14 per cent from January 2016 to January this year meaning house prices now average £371,734.
Topping the list was the Shetland Islands, where the average house price is £182,184 after a rise of 21.9pc.
This was followed by Na h-Eileanan Siar in Scotland’s Outer Hebrides, Waltham Forest in London – where house prices rose by 15.7pc – and Medway in South East England.
Alex Gosling, CEO of online estate agents House Simple, said the “Olympic legacy was still having a massive impact on the region”.
“Newham and Waltham Forest have both struck gold with the highest annual average price rises of anywhere in the country,” he said.
“These were boroughs in need of regeneration, and families and first-time buyers are now moving there thanks to the improvements in infrastructure and local amenities.”
The City of Aberdeen was the lowest performing local authority in the UK with a house price fall of 10.2pc.