London House Prices Hit All Time High
The average London house price is now £520,000, it’s highest ever level
London house prices climbed to an all time high in November but are still going up at only half the pace of the rest of the country.
The average cost of a home in the capital hit £520,000, up 5.1 per cent in a year and 0.2 per cent in the month, according to latest Land Registry data.
The rise was the slowest for any region in the country and only half the national annual rate of 10 per cent. The average cost of a home across the UK stood at £270,700.
The property markets of the regions have consistently outpaced those of the capital throughout the pandemic, in part because of the race for space during lockdowns but also because the stamp duty had a much bigger impact on buyer demand outside London.
However, agents in London say that interest has picked up in the New Year with buyer registrations double last year’s level.
Within the capital the biggest increases were seen in Camden (17.9 per cent to £961,390) Islington (15.3 per cent to £771,374), Richmond, and Enfield (both 9.8 per cent to £758,967 and £444,336 respectively).
Jamie Durham, economist at consultants PwC UK, said: “The capital once again saw the slowest price growth of all regions, with prices up 5.1 per cent compared to the year before."
“This is in part due to higher prices in London, with the average home now costing nearly £520,000, which limits affordability and so price growth."
“While there remains considerable uncertainty in the outlook for the market, we do expect prices to continue to rise in 2022 but at a slower rate than seen in 2021 as conditions start to normalise."
Blog Post from Evening Standard
