London house prices up 490% in 20 years
In February 1997, the average house price in London was £107,829. Twenty years later, that number had shot up to £638,368, according to estate agent Portico.
Of all the London boroughs, average prices have risen fastest in City of Westminster where they’ve rocketed by 784% in the past two decades from £200,169 in February 1997 to £1.7m in February this year.
Second is Hackney in east London, where property prices have grown by 679% from £75,210 to £585,848.
However, recent Land Registry figures show not all London boroughs are enjoying a price boom.
Despite average prices in January increasing 4.6% year-on-year across the London boroughs, eight out of the 33 boroughs saw house prices decrease – Brent, Camden, City of London, Hounslow, Kensington and Chelsea, Redbridge, Richmond upon Thames and Southwark.
Outer London house prices, on the other hand, continue to rise.
Property prices in Barking and Dagenham experienced a healthy 13.23% price growth in the 12 months to February 2017.
Other outer boroughs witnessing strong year-on-year growth include Croydon (12.54%), Merton (12.23%), Newham (11.35%) and Haringey (11.33%).
“As London has proven in the past when it bounced back from the recession, it’s an extremely resilient city, so if you are buying with a medium to long-term view then your investment as a business or home is safe,” said Mark Lawrinson, regional director of Portico.