Average asking price for flats in London

You’re moving to the capital, to London, to a city like no other. On the other hand, like most cities, wherever you are on the planet, London flat prices are a great deal higher than elsewhere in the country.

As far as London’s concerned there’s a good general rule to bear in mind: the further you are from the capital, the longer the commute, the lower the salaries, and the lower the property prices. It’s something London dwellers juggle with. It’s a balance between the convenience of being close to work, a shorter commute, and the proximity to all the fun the city offers. If you’re at the start of the journey, researching the average flat price London offers, read on. We’ll put you in the picture about the London apartment price, the average one bedroom flat price in London and more.

How Have Average London Flat Prices Changed?

Three words just about cover it. They’ve gone up! Flat prices in the capital have shot up in the same way they’ve increased everywhere else. How have London flat prices changed over recent years? Exploring the incredibly useful Land Registry House Price Index or HPI reveals this:

  •         In December 2020 the average price for flats in London, including maisonettes, was £420,927
  •         Like the average 1 bed flat price in London, the average 2 bed flat price London varies widely depending on the district, property type, street, schools, parking and more
  •         There’s been some fluctuation since then, but average London flat prices mostly remained relatively stable up to around June 2021, at which point they increased to £427,990
  •         London flat prices peaked in August 2021 at around £445,425, then we saw a dip in September 2021
  •         For November 2021 the HPI indicates an average price of £442,689, down a little as we often see before Christmas, when people traditionally decide to stay put until after the festivities

 

Rightmove says most property sales in London during 2021 involved flats, which sold for an average of £528,621.

 Obviously there are flats and flats. A one-bed flat is going to be very different in price compared to a three bed flat. The area of London matters an enormous amount. A one bedroom flat in a smart district like Primrose Hill will cost a great deal more than the same kind of space in a more affordable district or somewhere further from the city centre.

 There’s another place to try. Have a go at the Land Registry House Price Index. While it’s never entirely up to date, it does provide excellent insight into regional price trends. It lets you track the index, average price, monthly change and annual change for all property types or focus on one in particular. You might find moving a little bit further out than you intended could save you a small fortune and make your mortgage repayments easier to afford. In world where interest rates could soon be going up, it’s an important thing to think about.  

Next, we’ll examine the different average prices for flats in north, south, east and west London.

Average Flat Price in Central London

What about the average price of flats in central London? Prepare yourself. This highly desirable area of the capital is very expensive, with most of the sales in Central London over the past year being flats. On average, according to Rightmove, average central London apartment prices have hit £1,281,865. This correlates with other sources including Zoopla, whose average central London flat price is rather less at £992,746. We’ll talk more about discrepancies like this shortly.  

Average Flat Price in North London

In north London we’re looking at an average flat price of £571,186 according to Rightmove. It’s interesting to see Zoopla reporting an average North London flat price of £510,254. Why the difference? It could be that one or the other sold a few unusually high value homes in north London, which pushed the average up. Or they simply attracted a bunch of people who spent, on average, more than the people who bought via Rightmove, maybe several buying in a particularly expensive street.

Average Flat Price in South London

Moving on to south London, with its easy access to the coast, and we see South London flats selling for an average of £437,334. This is rather a lot lower than the number reported by Zoopla, at £532,099, probably for the same reasons.

Average Flat Price in East London

East London attracts plenty of interest, with a Rightmove average east London flat price of £445,158 and a closely-correlating Zoopla average of £442,710. This makes it currently the most affordable region of the capital to buy in.  Think of areas east of the City of London and north of the Thames, places like Barking and Dagenham, Hackney, Havering, Newham, Redbridge, Tower Hamlets, and Waltham Forest.

Average Flat Price in West London

West London takes us back to the expensive end of the capital, with the price of a west London flat averaging a mighty £861,463. According to Zoopla the average flat price in west London is £693,694. Again there’s an enormous difference in the average, which can be explained in the same way we’ve mentioned.

Average apartment price London

London flat prices vary so widely, information like this is absolutely vital for anyone wanting to get the best buy in the best place. The average flat price London offers in the poshest districts is hundreds of thousands more than somewhere just a few miles away. Take all of the above into account and shop for your London home with confidence. We wish you all the luck in the world!