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Europe, World economy

Update on London property market 

CITYAM / Latest stats on the London property market

One interesting factor in new figures published today (more on that here) is a sign growth in house prices is slowing in parts of London. In fact, it looks like there’s a north-south divide emerging – and in this case it’s grim down south.The figures, by Haart estate agent, showed while prices across the capital hit £517,919 in June, 5.4 per cent higher than in the same month last year, across the capital’s regions it’s a decidedly divided picture.

In the North West, average prices rose 42.1 per cent in the year to June, to £450,165; while in North London that rise was 20.2 per cent, to £688,540.

But in the South West – which includes upmarket boroughs like Richmond and Wimbledon – prices fell 18.1 per cent during the year, to £497,794. Meanwhile, in South East London, where prices in the likes of Lewisham and Deptford tend to be lower, prices dipped 6.7 per cent, to £519,696.

Is this a suggestion growth in London’s out-of-control housing market is beginning to cool? Figures published by property listings site Rightmove earlier this month seemed to point to that, with director Miles Shipside suggesting a fall in inner London’s pricier boroughs was a “likely reflection of the slower market in more expensive areas, with demand moving to outer London boroughs with more affordable prices”. 

“Stretched affordability is acute in nearly all market sectors in London, but the lower-end sector with up to two bedrooms has high demand from first-time buyers, downsizers and investors,” Shipside said. 

Time to sell up and move on, perhaps? We’ve compiled London’s best commuter towns based on house prices, quality of local schools, season ticket prices and the length of the commute to the capital. 

  

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