Housebuyers seeking properties for sale in Hackney will no doubt have seen the latest house price figures, which consistently see prices soaring. However, it is important to examine more local conditions to establish what is happening in Hackney specifically and in London more broadly.
The latest data to arise came from the Land Registry, which shows the prices homes sold for, rather than asking prices. This indicated that in April, the typical UK home was sold for £281,161, which was up 1.1 per cent on March and 12.4 per cent on the same month in 2021.
However, there are various ways of breaking down the overall figure, including by property type and area. In survey after survey in the last few years two facts have held true; that compared with the rest of the country, London prices are substantially higher, but price rises have been much lower, reversing the previous trend for London to be the most inflationary housing market.
This is reflected in other surveys too. The latest Halifax figures, for instance, put the national price increase over the last year at 10.5 per cent, with London being one of just three regions with price inflation below ten per cent. Yet the typical London property would still cost £541,000.
As of March this year the average price in Hackney, according to ONS figures, was £620,000. Comparing this with other inner London boroughs, both the City of London and Hammersmith & Fulham were higher at £753,000, as was Islington at £699,000, while Westminster had soared to £1.03 million and Kensington & Chelsea to £1.45 million.
By contrast, Newham and Tower Hamlets had lower prices at £408,000 and £482,000 respectively.
These kinds of localised comparisons are well worth considering. It means the typical Hackney price is well above the national average and higher than the London average, but also less – and frequently a lot less – than many, but not all, other inner London boroughs.