At the centre of a golden triangle formed by the City financial district, Canary Wharf and Stratford’s Olympic Park, property values in Bow have been rising sharply for the past 10 years.
It is easy to see why this unpretentious, lively, multicultural corner of east London attracts young professionals and families.
Conversation in the host of recently-opened bars, gastropubs and coffee shops, however, often revolves around UK house prices, and in particular property values in Bow.
With the average price of a home in Tower Hamlets in May 2016 standing at £455,267, according to the Land Registry, homeowners in Bow are asking will Britain’s decision to leave the EU affect the value of property in east London?
Bow’s enviable location, great transport links and local amenities – including an on-site gin distillery at Bow Wharf, Victoria Park and Roman Road street market – mean demand for property in the E3 postcode remains high.
Not only that, with the Bank of England base rate falling to an all-time low of 0.25% and tipped to drop further, mortgages have never been more affordable.
To give homeowners in the London borough of Tower Hamlets an indication of how much their property could be worth, Peach Properties examines the latest UK House Price Index.
As a leading independent estate agent in Bow, Peach Properties is aware the UK HPI is not the only measure of local property values.
The UK HPI also takes into account transactions involving cash and mortgages to calculate changes to values compared with the previous month and the same time 12 months earlier.
Here, Peach Properties looks at the latest data from the UK HPI for the whole of England and the London borough of Tower Hamlets.
Average annual price UK: June 2016
According to the data for August, which covers transactions that were completed in June, the average price of a home in the borough of Tower Hamlets now stands at £457,392 – 0.94% down on the figure for May but 6.45% higher than in June 2015.
Flats and maisonettes in Tower Hamlets sold for an average of £445,099 in June – 0.97% less than in May but 6.38% more than in June 2015.
In the whole of England, the average sale price of a home in June 2016 was £229,383. This is 0.8% higher than the previous month and 9.3% more than average values in June 2015.
It is worth bearing in mind that the value of any home in Bow, Shoreditch, Mile End, Hackney or any other part of east London that Peach Properties has an in-depth knowledge of is dependent on a wide range of factors. These can include the property’s size, type, location, condition, who owns the freehold and even the time of year the property is put up for sale.
To discover how much your home could be worth on the open market, contact Peach Properties today.
After registering your details, a property expert from Peach Properties will come to your home, provide the most accurate valuation and explain how we will best market the house or flat so it achieves the highest possible sale price.
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