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Havering tops the list in London with house prices rocketing by £40,000 this year

PUBLISHED: 10:08 13 December 2016 | UPDATED: 10:08 13 December 2016

House prices in Havering have seen an 11.4 per cent increase, taking prices to an average of £392,000. Picture: PA Images.

House prices in Havering have seen an 11.4 per cent increase, taking prices to an average of £392,000. Picture: PA Images.

Archant

The average cost of buying a home in Havering has soared by £40,000 in the space of just 12 months.

According to figures released by Rightmove, house prices in Havering have seen an 11.4 per cent increase, taking prices to an average of £392,000.

It means the borough tops the list in the capital for the fastest house price growth this year, ahead of Sutton and Lambeth respectively.

The ‘Crossrail effect’ is believed to be a major underlying reason with Romford, Gidea Park and Harold Wood, all set to have stations on the eastern section of the Elizabeth line, from the end of 2018.

Since work began on the high-speed line seven years ago, house prices have steadily risen and are expected to continue following its opening.

The online real estate’s House Price Index shows Havering is the only borough with growth above 10 per cent.

It is a stark comparison to 2015, when all of the top 10 fastest-rising boroughs had seen double-digit growth with prices rising by up to 30 per cent in some parts of the capital.

Back in March, Rightmove stated how house prices in the borough had rocketed over a 12-month period.

It said Harold Wood had a 28 per cent rise, to an average price of £278,000, while in Romford there was a 27 per cent rise, to an average price of £267,000.

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