It is important that each area of London is considered on its own merits, and in its own right. Talking about the London housing market as a whole fails to take into the huge differences on offer in the capital.
At Hunters West Hampstead, we care about the local community, and how the local market is performing. However, we also know the area must be considered alongside other options in the capital. Therefore, when there is positivity in the London market as a whole, West Hampstead usually benefits.
A lot of big deals have taken place in London
Since the start of 2020, £56.2 billion worth of real estate has been sold across London. This ensures London remains the dominant market for UK house pricing. The average price of property in the capital remains over the £500,000 level.
Of course, London hasn’t experienced the same house price boom, the rest of the country has, with:
- The lowest rate of yearly property price growth, coming in at 3.7%
- The second lowest monthly growth rate, standing at 1%
- 85,304 residential property transactions have happened in London since the start of the pandemic
- Inner London accounts for seven of the 10 of most valuable London boroughs
Inner and Outer London doing well
The breakdown of leading Inner London boroughs with respect to property sales is as follows:
- The City Of Westminster is the leading area, with £3.74 billion worth of sold property
- Wandsworth and Kensington and Chelsea both experienced £3.57 billion worth of sold property
- Barnet enjoyed £2.6bn worth of sales
- Lambeth experienced £2.4 billion worth of sales
- Camden had £2.1 billion worth of sales
- Hammersmith and Fulham experienced £2m worth of sales
However, it wasn’t just Inner London areas that excelled, some of the Outer London areas experienced significant volumes of money in property deals, including:
- Bromley was ranked fifth in the list of value of property sold in London boroughs, with £2.5 billion worth of sales
- Richmond experienced £2.4 billion worth of sales
- Croydon experienced £1.9 billion worth of sales
Of course, if you have areas which performed well, you will also likely have areas which don’t fare so well. The following areas saw less than £1 billion worth of property sales:
- City of London, where just £150m worth of property was sold
- Barking and Dagenham saw £506m worth of sales
- Newham experienced £983m worth of sales
Arthur Sarkisian, Managing Director of Astons, commented: “Despite a slower rate of house price growth when compared to the rest of the UK, it’s fair to say that the London property market has held its own with billions of pounds worth of property changing hands despite the pandemic. Of course, it will come as little surprise that prime central London continues to account for some of the highest sums of property sold, but there is certainly a Covid influence that is presenting a slightly different landscape to what we might expect.”
Arthur concluded by saying; “London’s outer boroughs have become very popular and I don’t think anyone could have predicted that Croydon would rank as one of the most valuable areas of the London market. At the same time, demand and sold prices across the City of London have all but dried up and Newham is no longer riding the wave that came as a result of Olympic regeneration in the borough.”
If you need any help or guidance regarding property matters, please get in touch. As your local housing market specialists, we will do what we can to ensure you make your next house move in style. Contact Hunters West Hampstead today for all your housing and letting needs.