Average price of a home in London hits £500,000

Written on 2 November 2015 by Alistair Boscawen in London


Property values in London jumped 9.6% in the 12 months to September taking the average price of a home in the capital to £499,997. 

Land Registry data reveals London property values jump 9.6% in year to September as house price gap across England and Wales widens to £400,438
London property values jump 9.6% in year to September as house price gap across England and Wales widens to £400,438

The Land Registry’s latest house price index shows the thriving London property market helped lift the average value of a home in across England and Wales by 5.3% to £186,553.

Land Registry index is based on completed house transactions and is seen as a bellwether of sentiment in the housing market.

More than 93,000 residential property sales were registered in September.

The most expensive sale recorded was in Knightsbridge, where a flat at One Hyde Park sold for £17.5m.

However, there were just 288 £2m-plus purchases in July 2015, compared with 370 in the same month last year.

At the opposite end of the spectrum, house prices in north-east England fell by 0.3% from a year earlier, pushing down the average price in the region to £99,559.

That means the house price gap across England and Wales is £400,438.

Meanwhile repossessions in England and Wales fell 50% to 471 in the year to July, according to the Land Registry, compared with 943 in the 12 months to July 2014.

The fall reflects the wider improved economic environment, with homeowners benefiting from a combination of improved earnings growth, record high employment and low interest rates – meaning they are keeping on top of repayments.

For more information, click on the link below:

BBC News

Alistair Boscawen

Alistair has 32 years’ experience as an estate agent, starting in the country house department of one of London’s main international agencies before moving to the Knightsbridge house department of the same agency and learning the difference in values between freehold, long lease and short lease houses in Knightsbridge, Belgravia, Chelsea and Mayfair.

All articles by Alistair Boscawen

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