At Time Out, we’re big fans of all things London – who knew? – but it’s no secret that this city’s housing market can be a waking nightmare. Rent prices in some postcodes skyrocketed last year, while property prices have fluctuated a whole lot too.
But we can’t look at the city as just one place. Average house prices across the capital might’ve dropped by six percent overall, but there is massive disparity between different areas and boroughs. Some saw a rise of four percent, but others saw a drop of 28 percent, according to the Standard.
London is essentially a series of ‘micro-markets’, which means we’ve gotta look at neighbourhoods one by one. So, where saw the biggest rise in property prices?
Well, just like at the end of 2023, only four areas saw growth in the cost of a house. Both Redbridge in east London and Richmond upon Thames (which was recently named the UK’s happiest place to live) in west London saw property prices rise by 4.2 percent. Newham and Barking and Dagenham also saw increases, but these were much more modest, with a rise of just 0.8 and 0.1 percent respectively.
But for plenty of other areas in the city – particularly the wealthiest ones – things haven’t been looking quite so healthy. In fact, a study by Savills found that homes valued at £5 million fell by as much as 13 percent.
The City of London, Kensington and Chelsea and Westminster, three of London’s most expensive boroughs, have all seen prices drop the hardest. The average cost of a house in these areas has been reduced by 27.7, 17.6 and 14.6 percent respectively.
But it’s not just these mega-pricey boroughs that have experienced drops. Lots of areas in the city’s outskirts have witnessed lower prices too.
Ealing saw a 9.7 percent drop, and Croydon, widely considered one of London’s most affordable (though – apparently – depressing) boroughs, had a 7.9 percent drop. Hammersmith and Fulham were also down, with a drop of 6.8 percent.
It’s clear that buying property in London comes with a lot to get your head around. That’s why we’ve created a property hub, full of tips on how to buy, how to rent, and where to live.
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