Are you thinking about moving to the capital? Maybe you’ve made the decision and you’re ready to begin the search. It’s one of the most exciting things in life, but also something that deserves a lot of research and due diligence, especially when moving to London. It’s an expensive city but like all major cities there are bargains to be had when you dare to venture off-piste, off the beaten path. Here’s what you need to know about the current average house price London offers, delving deep into London home prices, revealing the average home price in London. Absorb the knowledge, use the wisdom, and find your dream home in London. Read on for the average London home price inside track.
How Have Average London House Prices Changed?
London house prices have changed recently, as they have across the UK. Roll back time to 2016 and the average home price in London was £469,120, according to the Land Registry’s records. A full five years later, in 2021, it had risen to £491,687, an increase of just five per cent. We’ve seen some fairly dramatic fluctuations, too. Back in May 2019 average prices had slipped back almost thirty thousand pounds to £463,628.
In October 2021 the House Price Index noted some interesting observations about London house prices 2021. London house prices have risen by 1.9% since September 2021 alone. This annual price rise of 6.2% takes the average property value in the capital rocketing up to £516,285.
It’s also interesting to see how home prices in London England have changed for different house types. In December 2020 the average house price London requires for a terraced house was £532,791. For a semi-detached house in the capital the cost was on average £618,943, and a detached London home came in at £957,100. By November 2021 things had changed quite dramatically:
- London terraced house average cost: £553,035 (up the least at +3.8%)
- London semi average cost: £661,506 (+6.88%)
- London detached house average cost: £1,044,251 (up the most at +9.1%)
London house trends are, of course, often slightly different from the rest of the UK. Right now, in February 2022, the London Evening Standard reports London house prices are going up at their fastest rate since Brexit, thanks to ‘boomerang buyers’. In mid January this year they reported on the London housing market having a slow start in 2022, with prices falling 1.2% from December to January.
Then there was covid. As Lawrence Bowles from Savills said to the Evening Standard, talking about the pandemic’s impact, “It’s the first time that London house prices and economic output have diverged to such a degree. People reassessed their housing needs and preferences as a result of the pandemic and that drove an unexpected surge in sales in the second half of 2020.”
In a world where there’s less certainty than ever, London’s house prices can fluctuate because of many different contexts and circumstances. That’s why it’s wise to keep your finger on the pulse throughout the entire property search process.
Average House Price in Central London
Central London isn’t for the faint hearted, with a huge central London average house price of £1,548,953. In the past year central London house prices were 11% down on the year before, and 11% down on 2019 too, when they averaged a much higher price of £1,749,108.
Terraced properties in central London sold for an average of £3,544,715 while detached properties in the area were fetching an eye-watering £9,757,250. Interestingly the most expensive area within Central London itself was Westminster, with an average property price of £1,506,562.
The numbers above are all from Rightmove. Let’s take a look at what Zoopla says.
- Average detached house price in central London – £1,392,250
- Average semi-detached house price in central London – £2,274,875
- Average terraced house in central London price – £3,332,250
- Average price of a flat in central London – £991,686
How come the Rightmove London detached house average is so high at more than nine million, compared to £1,392,250 with Zoopla? Perhaps one or more people bought properties in central London costing many millions of pounds from Rightmove, something that can push the average way up. The same goes for simply having more clients buying unusually expensive properties.
Average House Price in North London
Right move’s insight on house prices in north London reveals an overall average price of £789,023, 3% up on 2021 and 8% up on the 2017 level of £729,570. Terraced properties sold for an average of £929,969, with semi-detached properties fetching £1,035,606. The most expensive district of north London was Islington, with an average property price of £810,295, and the cheapest was Enfield with an average price of £530,930.
Average House Price in South London
The overall average price in this area of London is £588,122. South London house prices were much the same as the previous year, 8% up on 2019 when the average house price was £546,960. Terraced properties sold for an average price of £640,444, semi-detached properties fetched £654,938 on average, and the priciest area within South London was Lambeth with an average of £664,950. At the other end of the scale the least expensive was Croydon, with an average property price of £453,096.
Average House Price in East London
How are east London house prices looking? The overall average price last year was £511,511. During the last year, ‘sold’ prices in East London were 3% up on the previous year and 8% up on 2019, when the average house price hit £475,364. Terraced properties sold for an average price of £559,580 while semi-detached properties fetched on average £557,939. The most expensive district in East London was Tower Hamlets at £585,534 average, and the cheapest was Barking And Dagenham at £341,385, almost a quarter of a million pounds less than Tower Hamlets. This is the cheapest area of London to buy property. For great bargains you might want to go east!
Average House Price in West London
West London house prices come with a high average of £1,236,117. They haven’t changed a lot over the past year or so and they also reflect the average west London house prices back in 2017, when the average was £1,211,516. Terraced properties had an average sold price of £1,734,204 and semi-detached homes in west London averaged £1,973,498.
Average property prices in London
Now you’ve got a handle on the average prices of homes in the capital. Which area suits your budget best? Figure it out to pin down a wise place to start your search. We can help you make the most of the opportunity with superb service and lots of exciting properties on our books.