Despite emerging as one of south-east London’s fastest growing property hotspots, the average price of buying a home in Bexley is less than 200,000 than the capital’s average, according to a new report.
The Land Registry figures, which are for sales that have been completed and registered during February this year, show annual growth of 13.5 per cent has pushed the average cost of buying in London to more than 530,000.
Meanwhile, average prices in Bexley, London’s cheapest borough, stand at 323,000. The leafy borough on the south-eastern edge of London is increasingly popular with young families priced out of more central locations.
At the end of 2015, Bexley emerged as London’s hottest property market, with prices in little-known St Mary’s Village – sometimes known as old Bexley – soaring by 31 per cent in a year.
Barking and Dagenham is the next cheapest borough for homebuyers, followed by Newham, in east London.
In England and Wales, average house prices have slightly reduced since January to 190,000.
David Brown, CEO of Marsh & Parsons, says the “overall monthly dip in property prices in February disguises the fact that the majority of regions are experiencing striking growth. In the capital, annual growth has climbed to comfortably double the wider England and Wales average.”
The west London borough of Hillingdon, one of the Crossrail areas set to benefit most when the Elizabeth line opens in 2018/2019 , has had the highest annual price increase of 17.1 per cent, taking the average price of buying a property in areas such as Hayes, Uxbridge and West Drayton to 390,000.
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