At a Glance: London Property Market 2016
04 Jan 2016
We take a look at where the London property market stands at the start of a new year.
Average house price
The average house price in London is £506,724, compared to the average for England and Wales of £186,325.
Hillingdon is the borough with the highest annual price rise, with an annual movement of 14.4 per cent. The London Borough of Kensington and Chelsea saw the lowest annual change in London, with a movement of 0.3 per cent. This compares to an annual movement of 11.2 per cent for London as a whole.
Data: Land Registry House Price Index
Average asking price
The average asking price in London is £616,548, compared to the average for England and Wales of £289,452. Asking prices in Greater London saw an annual movement of 9.9 per cent.
The disparity between average asking price and average sold price continues, with a difference of £109,824 between the two averages.
Data: Rightmove House Price Index
Average rental price
The average rental price in London is £1,544. That’s 108% higher than rents in the rest of the UK, where the average rental price is £743.
Average rents for new tenancies in London are 7.5 per cent higher than for the same period last year.
Data: HomeLet Rental Index
Latest data on mortgage lending suggests that gross mortgage lending reached £19.9 billion in November. This is 23% higher than the £16.1 billion lent in November last year.
Data: Council of Mortgage Lenders
At the last Monetary Policy Committee meeting the Committee voted by a majority of 8-1 to maintain bank rate at 0.5%. The last change to the bank rate was made in March 2009.
The Committee unanimously voted to maintain the stock of purchased assets financed by the issuance of central bank reserves (also known as Quantitative Easing) at £375 billion.
Data: Bank of England