You are here: Home - Mortgages - First Time Buyer - News -

London house prices up 490% in 20 years

Written by:
Property prices in the capital have risen by a staggering 489% in the last two decades and are still increasing, new analysis reveals.

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.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Stock of the Week: St James’s Place

Graham Spooner, investment research analyst at The Share Centre, picks wealth management and financial planning firm St James’s Place as...