East London Property Prices Up 800% In Less Than 30 Years
New statistics show that property values in the borough of Hackney increased more than any other area of London since the 1987 Town and Country Planning Order, with its values rocketing up 800%. Tower Hamlets has increased by 684% while Southwark is up by 668% within that same period. As reported on YourMoney.com, Hackney has also seen the fastest house price rise within this period at 583%. This is followed closely by Kensington & Chelsea at 549%, where the average house prices rose from £198,000 in 1987 to £1,284,000 in 2014.
Increased numbers of warehouse conversions, mixed-use spaces, and thousands of new homes built in East London since 1987 can account for much of this growth, as can improved travel links such as the Docklands Light Railway and London City Airport.