Popularity of Havering's property market grows thanks to new 'Elizabeth line and Brexit'
PUBLISHED: 13:30 21 March 2017
Garrington Property Finders
Havering's property market has seen a "surge in interest" with house prices rising by nearly 20per cent, according to a buying agents.
Garrington Property Finders says the borough became a new London hotspot in 2016, gaining more popularity than some parts of central London.
Comparing price growth and sales volumes in 2016 to previous trends since 2009, Hackney saw a collapse in sales by more than a third last year while a 5pc price drop was seen in Kensington and Chelsea.
But at the other end of the spectrum, Havering saw average prices rise by a modest 79pc since 2009 but showed growth of 18pc last year.
Managing director of Garrington Property Finders said: “Havering in particular is enjoying a surge in interest among both investment buyers and those looking for a home, after it was revealed that the new Elizabeth line will cut the journey time from Romford to central London to barely 30 minutes.
“There are several factors behind this shift in momentum.
“The punitive levels of stamp duty introduced on high-value properties at the end of 2014 had a long-term chilling effect on prime central London and Brexit uncertainty has further hampered buyer sentiment.
“However for the astute and wealthy, last year’s price falls in the City and Kensington and Chelsea represent a buying opportunity – especially for those based overseas who are able to benefit from the weak Pound.
“By contrast several outer suburbs have seen much more modest price growth since the 2009 trough, and so offer both value and growth potential.
“With regeneration and the prospect of better transport connections thanks to Crossrail, these areas are the ones to watch in 2017.”