How much did property prices in your London borough increase by?
We all know that London has seen a pretty big price recovery in many places, even since the dizzy heights achieved in 2007. On average in Greater London, house prices increased by 16% year on year, albeit that this growth fell back from the highest growth seen in July 2014 of +19%.
As Greater London is made up of 32 very different boroughs, it’s clear a London average is now as irrelevant as a UK one.
The highest rises in 2015 were Waltham Forest and Newham at approximately +25% and may be surprisingly, one of the worst performers, which grew my a mere +11% year on year, was Kensington and Chelsea, and the somewhat different borough of Redbridge, which also only managed +11% growth.
The average house price in Greater London for December 2014 was £464,936, however, although this sounds like a lot of money it’s a statistic that we shouldn’t attach too much importance to when carrying out property projects as some areas average around £250,000, while others are well over £1,000,000, which skews the numbers a bit.