Londoners: buy in Kensington and Chelsea
by William Jordan in Editor's picks, Front Page and Life
Wed May 29, 2013 4:17 p.m. BST
Londoners predict house prices in the borough of Kensington and Chelsea will rise more in the next five years than any other London borough
Today economists at the Organisation for Economic Co-operation and Development (OECD) warned Chancellor George Osborne's Help to Buy mortgage scheme could inflate house prices. The news comes one week after new figures showed the average price for a house in London shoot above £500,000 for the first time.
Fears of a new house price bubble aside, YouGov asked Londoners which boroughs they believed would rise in value most over the next five years.
44% of Londoners put the borough of Kensington and Chelsea in their top three, despite the fact that it is already the most expensive borough, with an average house price of nearly £1.5m according to recent figures.
Next in line was Westminster, picked by 35% of Londoners, which, in fact, also saw the greatest rise in average house price last year – a staggering increase of 35.6% over 12 months.
Tapped by 29%, The City of London followed close behind, with Richmond upon Thames (selected by 20%), Hammersmith and Fulham (by 10%) and Kingston upon Thames (also by 10%) rounding out the picks in double-digits.
Londoners were also asked whether the Mayor of London should be given complete control over London property taxes, including council tax, stamp duty and business rates. Half (50%) opposed this measure and only a third (32%) supported it.