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

Queen Elizabeth Olympic Park in Stratford has boosted house prices in Newham. Picture: John Walton/PA images

Queen Elizabeth Olympic Park in Stratford has boosted house prices in Newham. Picture: John Walton/PA images

PA Archive/PA Images

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.

If you value what this story gives you, please consider supporting the Newham Recorder. Click the link in the yellow box below for details.

Related articles

Become a supporter

This newspaper has been a central part of community life for many years, through good times and bad, serving as your advocate and trusted source of local information. Our industry is facing testing times, which is why I’m asking for your support. Every single contribution will help us continue to produce award-winning local journalism that makes a measurable difference to our community.

Thank you.

Most Read

Most Read

Latest from the Newham Recorder