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Hackney leads the way as London house prices experience triple-digit percentage increase
Posted by Billy Wood on 17 Feb 2017
House prices in Hackney have experienced the starkest rise out of all of London’s boroughs, as price growth in the area has outstripped the capital’s more upmarket postcodes.
According to figures released by Lloyds Bank, the average cost of a home in the borough has risen from £75,000 in 1996 to over £605k in 2016, representing an increase of 702%, as trendy creative hubs such as Shoreditch and Dalston have made the borough an increasingly attractive proposition in the last decade.
In a sign of the wave of gentrification that has hit the area, house prices now stand at 14.2 times the average Londoner’s wage compared to just 3.3 times in 1996.
The area leads the way in a general triple digit increase in house prices across the capital, with high-end neighbourhoods such as Kensington and Chelsea fuelling a London-wide 450% rise in property prices over the same period.
As expected, the Lloyds report shows price growth in the capital significantly outstripping that of the rest of the UK, with the average price of a home in England and Wales rising by 290% since 1996.