The average London property now costs £514,097, compared to £188,270 for England and Wales overall.
House prices in London have been increasing at a steady rate for many years, and saw an increase of 12.4 per cent in the last year alone. This compares to an annual increase of 6.4 per cent for England and Wales.
Semi-detached houses have performed best in England and Wales over the last 12 months, with prices increasing by 6.7 per cent. Detached property prices increased the least with a 5.8 per cent annual increase.
Top of the league
The cost of property varies widely within London, with average prices ranging from 309,760 in the London borough of Barking and Dagenham to £1,371,086 in the London borough of Kensington and Chelsea. However although Barking and Dagenham are at the bottom of the average house price league, they saw the highest annual price rise last year with a movement of 15.3 per cent. The London borough of Hammersmith and Fulham saw the lowest annual price rise with an annual change of 3.3 per cent.
No London boroughs experienced a negative annual change in prices, but in December 2015 four London boroughs experienced a drop. Barnet, Greenwich, Hackney and Southwark each experienced a fall, with Southwark experiencing the most significant monthly fall with a movement of -0.7 per cent.
The number of properties sold in London for over £1 million in October 2015 decreased by 2 per cent to 752 from 771 in October 2014. This can likely be attributed to the increase in stamp duty for property above the £1 million threshold introduced in December 2014.
In the last year the number of properties sold in London for £500,001-£600,000 increased by 33 per cent. Properties sold for £200,001-250,000 experienced the biggest decrease at -58 per cent.
- Average price of property in London - £514,097
- Average price of property in England and Wales - £188,270
- Average price of property in the London borough of Camden - £855,390