The average house price in Kensington and Chelsea has soared by nearly 130 per cent since 2009, according to research by online estate agents HouseSimple.com
Less glamorous boroughs of Haringey and Waltham Forest have witnessed impressive price growth since March 2009, with price growth of 111.7 per cent and 106.4 per cent respectively.
Surprisingly, the trendy borough of Camden (74.9 per cent) was among the worst performing boroughs.
Nationally, UK homeowners have seen the value of their homes increase by more than 40 per cent and almost £60,000 over the past eight years.
Alex Gosling, CEO of online estate agents HouseSimple.com, said: “While UK savers have suffered over the past eight years, millions of homeowners have increased their equity in their homes substantially in this once-in-a-generation low interest rate environment. It’s been a golden period for UK homeowners, but there are signs that it could be coming to an end as the MPC narrowly voted to hold interest rates at 0.25 per cent.
“Many homeowners will have never seen an interest rate rise, and may believe rates will never rise. But they will eventually, and when they do, we could see rates rise by one to two per cent quite quickly. With many households already feeling the strain of higher day-to-day costs, monthly mortgage payments going up by several hundred pounds a month could tip them over the edge.”
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