Average London House Price now over £600,000

Up 14% over the last year according to new data : Breakdown by borough

The average London House price is now £600,076 the first time it has broken £600,000. This figure is across all London Boroughs excluding the City in a latest analysis of Land Registry data by wealth manager London Central Portfolio. This is a rise of 14% over the last year and a rise of 7.9% on the previous quarter.

Naomi Heaton, chief executive of LCP, said: ‘Greater London is principally a domestic market where about eight million people live, representing 12.5 per cent of the UK population. As a result, property prices are driven by local factors, such as the state of the national economy, combined with the cost and availability of mortgage finance.

‘Recent price appreciation reflects the reduction in mortgage rates which are at their lowest rate ever. It also is a response to the reduced tax burden, with the new graduated Stamp duty reducing acquisition costs for average buyers.’

She added: ‘Just as Greater London prices have been stimulated by a reduction in stamp duty, higher value properties in wealthy parts of central London are reeling from successive tax increases announced in the Budgets and Autumn Statements of the last few years.

‘With the continued volatility of global equity markets, suppressed oil prices and economic upsets across the Middle East and China, a stagnation of price growth is inevitable.’

DetachedSemi-detachedTerracedFlat/maisOverall average
BARKING AND DAGENHAM£377,642£328,544£298,524£197,244£268,672
BARNET£1,318,280£815,418£584,478£381,312£613,291
BEXLEY£555,132£390,938£329,670£208,125£337,616
BRENT£885,000£718,080£773,532£398,693£586,124
BROMLEY£781,183£499,256£430,331£304,066£462,765
CAMDEN£8,801,667£3,031,331£2,062,820£866,971£1,169,001
CITY OF LONDON000£921,036£921,036
CITY OF WESTMINSTER£15,500,000£4,392,000£3,595,403£1,174,142£1,453,675
CROYDON£661,347£441,334£365,616£255,802£371,387
EALING£1,511,483£731,959£623,763£398,389£568,841
ENFIELD£1,067,965£596,544£422,632£283,274£430,709
GREENWICH£990,280£540,484£435,135£359,802£422,627
HACKNEY£1,062,500£1,070,556£972,109£523,842£619,188
HAMMERSMITH AND FULHAM£1,887,500£1,811,333£1,517,132£638,610£912,760
HARINGEY£3,772,940£1,105,288£737,957£416,974£628,395
HARROW£1,002,955£564,237£489,686£323,529£508,492
HAVERING£596,962£397,123£323,247£222,943£355,546
HILLINGDON£803,217£460,364£399,350£278,945£444,597
HOUNSLOW£805,741£618,917£576,004£401,339£507,409
ISLINGTON£1,327,500£1,709,714£1,478,520£576,288£731,567
KENSINGTON AND CHELSEA£4,100,000£6,961,667£4,402,351£1,335,256£1,976,413
KINGSTON UPON THAMES£1,005,932£649,456£522,582£376,670£548,722
LAMBETH£794,062£989,407£960,411£475,079£606,755
LEWISHAM£854,969£731,497£529,419£340,453£444,038
MERTON£1,916,490£971,432£607,360£389,764£622,087
NEWHAM£292,000£396,382£387,675£298,344£345,558
REDBRIDGE£813,533£539,327£436,218£278,392£421,069
RICHMOND UPON THAMES£1,852,758£109,5280£874,921£491,657£821,695
SOUTHWARK£1,222,432£1,140,462£804,111£549,792£628,122
SUTTON£769,584£484,056£387,796£256,854£394,312
TOWER HAMLETS0£550,500£814,003£490,285£514,458
WALTHAM FOREST£654,028£490,185£499,131£318,095£432,037
WANDSWORTH£3,005,556£1,582,417£1,034,186£582,018£765,731
Total£1,008,249£641,408£678,519£502,451£600,076
Source: London Central Portfolio

Written by: Houseladder