New report offers snapshot of city’s residential property market

News Article

East London saw some of the most noticeable rises in property price last year, new data suggests.

A report by Right Move confirmed that the average asking price for homes in the capital’s most affordable boroughs – Bexley, Havering, Newham and Barking and Dagenham – had risen by between three and 10 per cent.

Despite this, the typical price of a property in these neighbourhoods is still below £380,000. This is considerably less than the average price for the capital as a whole, which has reached £605,000.

Miles Shipside, a Rightmove director and housing market analyst, said: “Economic and political uncertainty tends to weigh more heavily on the capital, given the large number of residents involved either directly or indirectly, and given the substantial costs of moving up to the middle or higher echelons of the housing ladder, many buyers hang back unless presented with a bargain.”

The figures show that property prices dipped slightly in December. This was in part attributed to the usual pre-Christmas slowdown, although experts have suggested that Stamp Duty changes and the ongoing Brexit negotiations may have also played their part.

If you need guidance with any aspect of conveyancing, please contact the head of the Property team Michael Stock or visit our website.

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