House prices in Lewisham have risen by almost 20 per cent in the past year, the fastest of any London borough, new data shows.
A report by the Land Registry shows that the average cost of buying a home in Lewisham is currently £473,303, thanks to better transport links and planned housing developments. The borough has also become one of the capital’s leading first-time buyer hot spots,especially in the SE13 postcode.
The Land Registry report shows that house prices in Croydon have risen by 16.2 per cent, 11 per cent in Tower Hamlets and 9.4 per cent in Hackney.
The graph below shows the rise in average property values in the ELL boroughs since March 2010, where Hackney continues to be the borough with the highest average cost of £691,967.
Maria Eden, sales assistant of Mark Beaumont estate agent said: “The rise in house prices are just crazy. I’ve been working at the same desk for the past 14 years so I’ve seen the changes. About ten years ago I sold a two bedroom house to a couple for £175,000 but today the house is worth £425,000.
“The prices have been going up for years. Everybody is pretty much priced out and it’s only those with highly paid jobs that can support themselves.”
Jack Rampling, assistant manager of Acorn estate agents, Lewisham, said: “House prices increasing in Lewisham is a good thing because it has enabled us to continuously grow. The market is strong which means business is good. More people are showing interest in buying homes in this particular area, which obviously means the price is going to go up.”
Hamptons International says that more than 50 per cent of sales in SE13 are first-time purchases, up from just 24 per cent in 2012. The arrival of new buyers has seen values rise by 34 per cent in the same period, but the average starter price remains at £297,000, which compares favourably with the London average of £535,000.