Neighbourhood where house prices went up by more than £300,000 in a year
House prices have risen more than £300,000 in a London neighbourhood, rendering it unaffordable to all but the most wealthy, shocking new figures show.
The North London area of Lordship Lane – which is two miles long – and Broadwater Farm went up by £877 a day in the past year, Office for National Statistics (ONS) data revealed.
The neighbourhood connected Wood Green with Tottenham High Road as is a mixture of DIY shops, nail parlours, hairdressers, off licences, food stores, a museum, recreation ground and houses, My London reports.
Most of the businesses in the area are independent, with some showing a down turn in fortune since the massive price hike.
In 2020, the average price of a home in the neighbourhood was £280,000.
But in 2021 statistics show a 114 per cent rise of a homes in the area to £600,000.
Demos Demosthenous, the managing director of plumbing shop Demos & Sons has owned his business on Lordship Lane since 1984 and thinks house prices and business rates in the area have become unaffordable.
He said: “I used to live in the area, but I’m still here everyday.
“House prices have risen dramatically. Better transport in the area has helped that increase, but there has also been some new builds.
“Being a business owner, business rates, rent and council tax have risen. It’s been rising for as long as I can remember, but they are at an all time high. It’s become difficult for new businesses to open up here.
Since the pandemic, there’s been a business decline as fewer have opened up. We are an established business but can’t ignore the fact it will be difficult especially going into a recession.”
Dog groomer Tina Baldock, who also owns an accessory shop in the area for 23 years, said: “A lot of things have changed, especially the lack of parking.
“But it’s a nice area to work in. I don’t live in the area but I’ve noticed that house prices have become really expensive. A small house is around £400,000-£500,000.”
One Wood Green resident, who didn’t want to be named, said she was lucky to get in early when the prices were low.
“I bought my flat seven years ago and in the last couple of years the prices have doubled,” she said.
“I have a tiny flat, I’m lucky that I bought it at a time when it was affordable. If I was buying it now, I wouldn’t have been able to.
“I haven’t noticed that the area has been gentrified. It feels like it’s designed for people like me. I’m going to the supermarkets less than usual and making use of the local deli.”