Only four London boroughs saw property prices rise in 2023

It might not surprise you to learn that at Time out, we think London is a pretty great place to live. However, with everything from the price of a pint to the cost of rent (especially in these five postcodes) only getting higher, living in the capital is just so expensive. And it feels like it’s always getting harder to afford living here. 

And that’s why it’s quite surprising to hear that of all the boroughs across the city, only four witnessed an increase in property prices this year. 

The west London borough of Ealing witnessed the largest hike, with property prices increasing by 7.5 percent in the third quarter of 2023, compared to the same period in 2022, according to Halifax. 

That increase means the average property price in Ealing is now £531,137, and it’s apparently largely thanks to billions of pounds of investment into new homes and amenities, and the fact that Crossrail has drastically cut journey times to central London. Dazzling new houses and a super-speedy commute? Yep, that’ll make somewhere more attractive to live. 

Westminster and the City of London were the second place (after all, the City isn’t a borough) that has seen an increase in property prices, by around 7.4 percent. However, there aren’t actually that many homes here, so data on the prices can be pretty volatile and not reflective as a whole. 

Prices in Haringey were up by 1.7 percent to £530,584, and Southwark saw a very small increase of 0.3 percent to £481,589. 

Powys in Wales topped the overall UK list, as it saw the value of property truly skyrocket by 17.4 percent. However, that brought the average to around £254,000 – still a bargain compared to London. 

The capital is a tricky place to navigate when it comes to buying and renting, but it can be worth it if you’re raising a family or just looking for a cracking place to live. Thankfully, our London property hub is full of guides, tips and info on where to begin.

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