House prices in London faltered under Sadiq Khan with prime boroughs seeing ‘values fall’
Sadiq Khan makes dig at journalist during housing grilling
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New research by mortgage broker for global high-net-worths Enness Global Mortgages shared how house prices have performed under the last three London Mayors. The mortgage broker looked at house price growth from the start and end of the last five terms. During the last five terms, three individuals have been mayor including Ken Livingstone, Boris Johnson and Sadiq Khan.
Mr Johnson’s time as Mayor of London saw house prices in the capital increase by 58 percent in total from May 2008 to May 2016.
The average house price in London was £295,163 when Mr Johnson took office in May 2008, according to the UK House Price Index.
This increased to just £304,081 at the end of his first term in May 2012.
His second term saw the average house price shoot up from £304,081 to £467,485 in May 2016.
But Ken Livingstone’s two terms as Mayor of London in May 2000 and 2004, saw house prices in London increase by 110 percent.
The research from Enness suggested that house prices grew by 61 percent during Mr Livingstone’s first term as an independent candidate but fell to just 30 percent when he was Labour Mayor of London.
Despite a lower rate of growth in London, house prices in some boroughs have climbed during Mr Khan’s time in office.
In Barking and Dagenham the average house price has increased 21 percent since 2016.
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Newham and Waltham Forest have also seen some of the largest increases with house prices increasing by 19 percent and 18 percent respectively.
However, some of London’s prime boroughs have seen prices notably decline.
The City of London has seen prices drop by 20 percent while Hammersmith and Fulham has seen prices drop by 15 percent.
Kensington and Chelsea and Westminster have also experienced a decline in house prices with values dropping by five percent and one percent respectively.
CEO of Enness Global Mortgages, Islay Robinson, claimed there does appear to be “some correlation” between Labour candidates and decreases in London house prices.
He said: “It’s perhaps unfair to say that Said Khan has been the worst London Mayor in over two decades where property price growth is concerned and a comparison would mean allowing him a second term in the role.
“That said, there certainly seems to be some correlation between a Labour Mayor of London and a poor performing property market in the capital.
“Of course, we can only go based on what the numbers tell us and in the case of Sadiq Khan, he certainly seems to have helped stimulate boroughs at the bottom end of the property price ladder, while London’s prime boroughs have actually seen values fall during his time in office.”
The London mayoral election is set to take place this Thursday (May 6) after it was delayed last year.
This year there has been a record-breaking 20 candidates standing in the London mayoral election.
The Conservative Party mayoral candidate is Shaun Bailey.
Polls will open at 7am and close at 10pm on Thursday.
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