Newham’s house price growth highest in London

House prices

House prices - Credit: PA Wire/Press Association Images

Newham has seen the highest increase in house prices throughout the capital over the last year, according to figures released this week.

Statistics revealed by the Land Registry show that the average price of buying a London property has now risen by 10.9 percent with the average house being priced at £474,544.

Compared to other boroughs, Newham has had the highest price increase of 17.2 percent, with the average property being priced at £295,306.

Campaigners say more needs to be done to provide affordable homes as local people are “being squeezed”.

However, Newham Mayor, Sir Robin Wales, said that while the council would want to build more affordable housing but “the government has slashed funding for councils to build new homes”.

Pauline Rowe, a member of Boleyn 100, a campaign group that are fighting for total social housing at the West Ham football ground development, said: “The council says a record number of homes have been built but they are all too expensive for ordinary people.

“They absolutely must build hundreds if not thousands of homes for social rent for our young people and to keep Newham real.”

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The figures also shows that Newham still remains one of only three boroughs, alongside Barking & Dagenham and Bexley, where the average house price is below £300,000.

However, campaigners believe the rising house prices will continue to push local people out of the borough.

Boleyn Development 100 campaigner, Saif Osmani, added: “Local people are being squeezed and have no choice but to move out of the borough because they can no longer afford to stay.

“This is why we are campaigning for social housing at the Boleyn development because we seriously need an increase in affordable and social housing for the people in Newham.”

But Sir Robin said the council has “worked hard to increase the supply of all housing tenures across the borough to make more homes available” and is committed to developing “mixed neighbourhoods with a variety of housing tenures, ensuring there are affordable options for residents”.

He added: “We have set up our own company, Red Door Ventures, to offer a new quality offer in the private rented sector. Our trailblazing private sector licensing scheme has also helped to vastly improve the condition of private rented properties to the benefit of both tenants and landlords.

We have also set up a shared equity scheme for residents looking for an affordable way to purchase their own home. We will do all we can to support residents to ensure they can stay in the borough and directly benefit from the regeneration happening here.

“We will do all we can to support residents to ensure they can stay in the borough and directly benefit from the regeneration happening here.”

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