Havering’s property market defies London property slump as house prices within zone 6 have risen by an average of £10,500 in the past year, according to Rightmove.
Zone 6 has outperformed all other London zones over the last 12 months, with the average property price increasing by 2.3% whilst other London zones have experienced stagnant or negative annual changes.
Zone 6 stations in Havering include Romford, Gidea Park & Harold Wood, Hornchurch, Elm Park, Rainham, Upminster & Upminster Bridge.
The report by Rightmove acts as a reminder that the doom and gloom around the London property market is not London-wide. The capital is made up of multiple local markets that all have their own contributing factors that influence their prices.
Zones 2 & 3 have experienced the biggest fall in property prices in the capital, dropping 6.4% and 7.7% respectively over the same period. Property owners in these areas are feeling the squeeze as overstretched affordability has led to inner-city unsustainability. The result being that people are being pushed out to the next closest affordable area which still has optimal travel routes.
The outer London boroughs have become prime targets for those who have been priced out of the city, and the incoming Elizabeth line has made this all the more lucrative.
On a whole, property prices in the capital are down 3.5% compared to a year ago. The fall is thought to be caused by bloated London prices, uncertainty about Brexit and concerns about future interest rate hikes.
Will Havering continue to defy the London market and act as a bastion for those seeking to live in a more affordable but still accessible area of the capital? Either way, we’re happy to see our borough lead the way in house price increases.