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Newham house price rise highest in country

PUBLISHED: 16:00 28 December 2015

The cost of houses in Newham rose 22 per cent in the past year

The cost of houses in Newham rose 22 per cent in the past year

Archant

There's good news for anyone who sold their house last year, but bad news for buyers, as Newham recorded the biggest percentage rise in house prices in the country.

That’s according to research by Halifax, which found that the average house price in the borough was 22 per cent higher in 2015 than in 2014.

The average figure rose from £261,399 to £319,522.

The rise is nearly double the London-wide increase of 12pc.

Five London boroughs, including neighbouring Redbridge, made up the top 10 biggest increases, with the others all areas within south east England.

Martin Ellis, housing economist at Halifax, said: “Those areas that have seen the biggest house price increases over the past year are either in outer London or within close commuting distance of the capital.

“Demand in these areas has risen as rapid house price rises in central London in the past few years have caused increasing numbers of people to look for property in more affordable areas.”

And if you’re looking to move out of the area, you could do worse than Durham, the Welsh towns of Merthyr Tydfil and Colwyn Bay, and Coalville in the East Midlands.

They were the only four areas in the country to see a fall in the average house price over the course of the year.

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