Brent witnesses the highest hike in house prices in London

How the development which is being marketed in Singapore will look after completion (Image: Archant)

Figures released by the Nationwide building society show the average house price has risen by £465,502 which is up by 31 per cent – the largest increase in the city.

Cllr James Denselow is struggling to get on the property ladder (Image: Archant)

In addition Brent has witnessed a 73 per cent hike in property prices in the largest decade with Hackney in east London topping the chart with an increase of 123 per cent.

The figures have fuelled fears of a housing crisis in the borough as first time buyers who have grown up in Brent face a struggle to get on the property ladder.

Queen’s Park has become one of the must salubrious wards in Brent due to its popularity with bankers, property tycoons and celebrities such as Sienna Miller, Thandie Newton and Daniel Craig.

Ms Miller is claimed to have out her four-bedroom house on the market for £3m - £500,000 more than what she paid for two years ago.

Cllr James Denselow, Labour councillor for Queen’s Park, said he is struggling to buy a property in his ward.

He told the Times: “I grew up in Queen’s Park and it is amazing that houses in the area that sold for £155,000 in 1990 are now fetching in excess of £1.4m.

“However as first time buyers my girlfriend and I are struggling to find affordable housing in the ward and face the prospect of being long term members of Generation Rent.”

In January, a Rightwing thinktank called on the government to bring in laws which they claim could halt the increase and make housing more affordable.

A report compiled by Civitas said non-EU property investors should be banned from snapping up new developments as investments which are left empty.

Last July, Hong Kong based Grosvenor International were showcasing apartments to be built on the former site of Willesden Green Library in Singapore.

Before a single brick was laid the company were advertising a one-bedroom flat for £340,000.

Neil Nerva, Labour councillor candidate for Queen’s Park, said the house prices were worrying as it was affecting the borough’s diversity.

He said: “The problem is that houses are increasingly seen as assets more than they’re seen as homes; commodities to trade rather than places to live so rampant house price inflation is destroying the much valued social mix

“Of course Queens Park is a great place to live but the majority of Queens Park home-owners at today’s prices could not dream of buying the home in which they live.

Francis Henry from Daniels Estate Agent, told the Times he wasn’t surprised by the figures as Brent has a lot to offer.

He said: “The area is hugely attractive for those looking to settle in London.

“Brent property offers more for your money. Families can get themselves a good sized three semi-detached home for £400,000. Apartments are attractive for commuters with their easy access to the City.

“Beyond this, plenty of leisure activities make Brent a superior borough to live in.”