A recent report has ranked boroughs in West London based on their average house prices, providing insights into the most and least expensive places to live in the area.
Harrow, in particular, has seen a notable 4.7% reduction in its housing prices compared to the figures from the previous year.
The report, compiled by Cardinal Steels and Online Marketing Surgery, addresses the challenges faced by first-time buyers in a climate of constant inflation rises.
It highlights the difficulty of obtaining an affordable mortgage offer, which has led many individuals to either postpone moving out or opt for rental properties.
Key Findings:
Harrow is positioned in the middle of the pack among West London boroughs, ranking 4th, with an average house price of £502,314. This marks a 4.7% reduction compared to last year’s figures of £527,304.
Hillingdon emerges as the most budget-friendly area in West London to buy a house, boasting an average house price of £459,522, reflecting a 2.6% decrease from the previous November’s average of £471,830.
Hounslow closely follows with an average house price of £468,360, indicating an increase from the November 2022 average of £457,211.
Ealing secures the third spot among West London’s affordable areas, offering an average house price of £482,601. This represents a substantial 9.7% decrease from the 2022 average of £534,261, the largest reduction on the list
Brent rounds out the top five, with an average house price of £535,808 in November, showing a 4.7% decrease from the previous year’s figures of £562,370.
The data for this report was sourced from the House Price Index provided by the Office for National Statistics. By analysing this data, researchers calculated the average house prices for areas in West London and compared them with figures from the previous November.
The ranking of these areas was determined based on their respective house prices.
https://harrowonline.org/2024/02/02/new-figures-show-house-prices-have-fallen-in-harrow/
