London’s top performers for house price movement in JulyMonday, 16 July 2012 09:22
There has been a few surprising additions to the top five list of house price improvements in London.
Usually prime property locations such as Kensington and Chelsea top the list created by Rightmove’s house price index.
But July has seen some new challengers take the lead with Hackney, and Greenwich falling into the top two places.
No doubt this has something to do with the London 2012 Olympics and the growing popularity of East London.
Hackney saw prices increase by 0.6 per cent from June while Greenwich experienced a 0.4 per cent rise.
In terms of price move this month saw Kensington and Chelsea drop into the bottom five.
Prices decreased by a whopping 5.1 per cent to an average of £2, 030, 545 down from £2, 140, 232.
But it is still the most expensive borough in London despite the monthly price decline.
Overall house prices dropped by 1.7 per cent in July across the UK.
There are many factors causing this dramatic decline in prices including the weather and the Olympics.
“Those keen to sell this summer have the challenging confluence of miserable viewing weather, the continuing credit-crunch plus a sporting distraction of Olympic proportions,” Miles Shipside, director of Rightmove said.
This is the largest price drop recorded in July in the past four years.