Wembley homeowners are house price winners

Wembley homeowners are house price winners

Homeowners near Wembley Stadium are some of the country’s biggest winners after seeing house price gains of 71 per cent in the past 10 years.

Average house prices in the six postal districts that surround Wembley Park in Harrow and north west London rose from £259,979 in February 2007 to £445,545 in February 2017, according to research by Halifax.

The trend means residents have netted an extra £185,566 - equivalent to a monthly increase of £1,546 - since the famous stadium was reopened by Prince William a decade ago.

The pace of growth in these areas is more than four times the rate of increase seen in the UK, with national property prices growing on average by 22 per cent over the same period.

Willesden (NW10) witnessed the highest growth as prices surged by 94 per cent from £272,063 in February 2007 to £528,996 in February 2017 (£256,934 in cash terms).

Hyde (NW9), meanwhile, saw the smallest gains - £148,774, or 62 per cent over the past ten years.

Average House Prices for Wembley Stadium Districts, 2007 to 2017

DistrictPost TownAverage House Price 2007Average House Price 201710 Year Change £10 Year Change %
Average Wembley Districts*259,979445,545185,56671%
Greater London 318,872584,151265,27983%
UK 203,842247,67643,83422%

Halifax housing economist Martin Ellis said: “The Wembley area has undergone a great deal of regeneration over the past 10 to 15 years with the new stadium formally opened by HRH Prince William at the 2007 FA Cup Final.

“The regeneration programme is still ongoing, with Wembley named as one of the London Mayor’s housing zones and calls for a Crossrail link to be extended to the area.

“As a result, businesses and households have been attracted to the area and more recently, average house prices surrounding the Wembley Park have outpaced the rest of London and the UK overall.”

Mike Richards, director of London-based Mortgage Concepts Associates, said the addition of a Crossrail link would probably push up prices even further.

“Anywhere with Crossrail going to it at the moment is pretty good,” he explained. “Some areas of east London where Crossrail is going are going up similarly.

“It was always good to live [in the Wembley area] and travel into London, but Crossrail will make it even easier.”