Despite doomsday predictions for house price growth in the capital, prices in Hackney will continue to keep growth strongly over the next three years, new research has suggested.
Prices in Hackney are expected to grow more than five per cent in the years to 2020, followed by Westminster and Lewisham, which will both experience growth of more than four per cent.
Meanwhile, Richmond Upon Thames will experience the lowest growth, with prices rising around 1.5 per cent. That’s followed by Harrow and Hounslow, where prices will rise around two per cent.
The forecast, by KPMG, follows figures published by Savills yesterday which suggested having fallen this year, London house prices will not begin to rise until 2020. The figures suggested prices will fall two per cent next year and remain flat in 2019, before rising five per cent in 2020.
KPMG said it expected the UK’s economy to remain relatively lacklustre, weighing on local demand in London in the medium term.
“On the whole, our projections for the London housing market see a continued cooling in the short term, followed by a gradual rebound in the medium term, which will allow the cumulative price growth to remain positive over the forecast horizon overall.
“However, annual growth rates are not expected to revert to the above-five per cent figures seen before 2017 in most boroughs during the period.”
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Source: City A.M