London is one of the most populous cities in Europe. It is an extremely desirable place to live for people of all ages, due to the wide array of neighbourhoods and things to do there.
This means that when trying to buy a house in London you will face lots of competition… because other people want to live there, too!
However, while many people dream of living in London, it is not accessible to all. The property prices can be steep in some areas – but also very affordable in others.
Read on for a definitive guide on London Property Prices.
And if you’re looking to sell your house fast in London, contact us to discuss how we can help you.
London property prices by area
London is the largest city in the UK – which means that there is not a ‘one-price-fits-all’ guide to the cost of houses in the city. Like with any city, there are areas which are typically very expensive, as well as more affordable areas.
House prices are the most affordable in the following areas of London:
- Barking and Dagenham
- Bexley
- Croydon
- Havering
- Sutton
The cheapest place to buy a house in London is Dagenham, where the average price of a property is £300,000. The second most affordable is Bexley, which has an average house price of around £343,000.
If you are moving into London as a first time buyer, then there are several factors to consider when stepping onto the property ladder – because some areas are more suitable than others. For example, just like some areas have cheaper average house prices than others, there are other areas where shared ownership properties are more likely to be available.
On the other hand, there are areas in London which are out of the price range of almost every first time buyer. There areas include:
- Westminster
- Knightsbridge
- Kensington and Chelsea
- Holland Park
- West Brompton
The most expensive area is Westminster, where the average property price is over £3 million. Only the wealthiest can afford to buy a house here.
Meanwhile, in an area such as Kensington and Chelsea, the average house price is over £2 million.
London house prices by property type
There is a significant difference in the price of a house in London, depending on the type of property it is.
The most expensive property type in London is a detached home. Studies suggest that the average price of this type of property is £1,050,000 in the city. Therefore, you will stand little chance of being able to afford this if you are a first time buyer, or a single income household (except for exceptional circumstances, of course).
The second most expensive property in London is a semi-detached house, which you can expect to pay (on average) £662,000 for. Once again, this would be a challenging price for people in their 20s and first time buyers – but this type of purchase is very popular among parents raising families in the city.
A terraced house will cost you, on average, £563,000 in London. This is one of the most common property types across the city – due to it saving space in such a dense city – and is therefore a typical price that you will have to pay to live in the city.
Finally, the most inexpensive property type in London is a flat/maisonette, which costs (on average) £440,000. These properties are very common amongst first time buyers who want to both get on the property ladder, and live in London.
Are property prices falling in London?
Across the whole of the city (on average) property prices are increasing in London. A recent study found that the average price for a home in London hit a record high of £521,000 in December 2021.
However, there are certain neighbourhoods where average property prices decreased in 2021. These areas include:
- Islington
- Southwark
- Haringey
- Ealing
- Hackney
The most significant reduction in average house price was in Islington, where there was a 4.4% average decline to £734,152. The next steepest decline was in Southwark, which fell by 4.1%, and then Haringey, which fell by 3.1%.
In addition to the areas listed above, asking prices also fell in Hammersmith and Fulham, Camden, and Lewisham.
How can we predict the price of a property in London?
Throughout the UK property market, house prices are consistently going up – and London is no different.
In 2022, it is expected that the price of a house in London will rise by around 3%. This is because there are currently more house-seekers in London than sellers – which continues to push the prices up.
The rate of price increase will vary, however, depending on the area of London. Therefore, it is recommended that you do research in the forecasts for the area of London you want to move into, rather than London as a whole. After all, a 3% rise in Westminster will be significantly more than a 3% rise in Dagenham.
You can also check house price trends by visiting the UK Government’s official website, where they have a tool for this very purpose.
Finally, you can consult with property experts local to the area you want to learn about.
Sell your house fast in London
If you’re looking to make a quick house sale in London, you’ve come to the right place. We Buy Any Home is the perfect cash house buyer to help you sell your house fast in London.
We’ve been supporting people to make fast house sales in London for more than 30 years. The city’s celebrated cultural diversity – no two postcodes are ever the same – is mirrored by its diverse housing market. From Wapping to Walthamstow, Morden to Mortlake and Islington to Isleworth, we have experience working with all sorts of property types, sizes and values.
So whether you want to sell an apartment in Shoreditch, a terrace in Hackney or a townhouse in Shepherd’s Bush we’ll happily make you an offer for it.
Want to know more about how it all works? Then get a free, no obligation cash offer from us now by entering your postcode in the box below.
