London House Prices: A Closer Look
London is one of the most expensive cities in the world when it comes to buying property such as houses. With a booming economy, a thriving job market, and a high standard of living, it’s no surprise that London house prices have remained consistently high over the years.
However, as with any property market, there are always fluctuations and trends that can affect the overall value of property. In this article, we’ll take a closer look at the current state of London house prices, what has been happening to them in the last 10 years, and predictions for future growth.
It should also be noted that the prices for houses in London which are referred to in this article are standard market rate prices, and do not include reduced prices for property in London, such as houses sold in London property auctions.
The Current State of London House Prices
London house prices have been steadily rising for the past few years, with an average price of £500,000 for a property in the capital. This makes London one of the most expensive cities in the world to buy property in.
However, there are always fluctuations in the London property market, and there are several factors that can influence the current state of London house prices.
One of the main factors that have impacted London house prices in recent years is the ongoing Brexit negotiations. The uncertainty surrounding Brexit has led to a decrease in demand from overseas buyers, which has affected the overall value of property in London. In addition, the COVID-19 pandemic has also had an impact on the London property market, with a decrease in demand and an increase in property availability due to people moving out of the city.
| Borough | Average House Price (£) |
|---|---|
| City of London | 1,045,722 |
| Westminster | 1,021,571 |
| Kensington and Chelsea | 1,510,146 |
| Hammersmith and Fulham | 778,355 |
| Camden | 830,962 |
| Islington | 663,950 |
| Southwark | 614,727 |
| Lambeth | 546,871 |
| Wandsworth | 798,527 |
| Hackney | 605,675 |
| Tower Hamlets | 537,534 |
| Greenwich | 393,049 |
What Has Been Happening to London House Prices in the Last 10 Years?
In the last 10 years, London house prices have experienced significant growth, with an average annual growth rate of around 4.6%. This growth rate is higher than the average for the rest of the UK, which has been around 2.9%. In 2013, London house prices hit an all-time high, with the average property price reaching £450,000.
However, in the years following 2013, London house prices experienced a slight decrease, with the average property price dropping to around £400,000. This was due to several factors, including changes to stamp duty rates, political uncertainty, and a decrease in demand from overseas buyers.
Property Resources:
UK House Price Index
Cheapest Houses In The UK
Predictions for Future Growth
While there have been fluctuations in the London property market over the past few years, the overall trend has been one of growth. According to predictions from industry experts, London house prices are set to continue growing in the years to come.
One of the main factors driving this growth is the ongoing demand for property in London. Despite the impact of Brexit and the COVID-19 pandemic, London remains an attractive location for property buyers, thanks to its strong economy, thriving job market, and high standard of living.
In addition, the government has recently announced several measures aimed at boosting the property market, including changes to stamp duty rates and the introduction of the Help to Buy scheme. These measures are expected to drive demand and increase property prices in the coming years.
Conclusion: An Exciting Property Opportunity In London
London house prices are some of the highest in the world, and they have been steadily growing over the past few years. While there have been fluctuations due to external factors such as Brexit and the COVID-19 pandemic, the overall trend has been one of growth.
Experts predict that London house prices will continue to rise in the coming years, thanks to a strong demand for property and government measures aimed at boosting the property market.
As with any property market, there are always risks involved, and buyers should always do their research and seek professional advice before investing in property. However, for those willing to take the plunge, London offers a unique and exciting opportunity to own property in one of the world’s most vibrant and dynamic cities.