The total value of residential property in eastern boroughs of Central London has grown faster than any other area of the capital, according to new research.
London estate agents Stirling Ackroyd say since the liberalisation of planning laws in 1987, the total value of homes in Hackney has risen by 864 per cent – the fastest of any London borough.
This is followed by Tower Hamlets and Southwark, with increases of 684 per cent and 668 per cent respectively, since the same year which also saw the opening of City Airport and the Docklands Light Railway.
Beaten into fourth place, Kensington and Chelsea has seen its residential property increase in value by just 661 per cent since 1987.
These gains compare with the whole of Greater London, with 453 per cent growth in gross property value over the same period.
The value of all residential property in Greater London stands at £1.51 trillion, as of June 2014. This compares to just £273 billion in 1987.
Andrew Bridges, managing director of Stirling Ackroyd, comments: “Across London, the City of old has gone the way of the bowler hat – and our capital has developed a buzz from its under-loved corners. Moreover, Stirling Ackroyd forecast the value of London property is set to reach £2.01 trillion by mid-2017.
“Just as a potent economic force is sweeping away old-fashioned views about particular boroughs, this is hand in hand with a more subtle, cultural shift. Londoners are increasingly looking forwards, turning their backs on the decline that dominated much of the twentieth century.”
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