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House Prices Update

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–– December saw the rate of annual house price rises increase from 11.2% in November to 12.4%. The average house price in London stood at £514,097.

–– Only two inner London boroughs make it into the top ten for annual price growth: Lewisham (12.9%) was fourth on the list, which was topped by Barking & Dagenham (15.3%). Greenwich (11.9%) was the only other inner London borough in the top ten.

–– At the other end of the spectrum, Hammersmith & Fulham (+3.3%) and Kensington & Chelsea (+3.6%) saw the weakest price growth.

–– An average property in London now costs ten times the average salary, according to a new study by the London Housing Commission.

–– No fewer than 19 of the country’s most expensive streets are in London, 12 in Kensington & Chelsea, according to Halifax. Victoria Rd in W8 tops the list with an average price over £8m, followed by Egerton Crescent, (£7.6m), and Manresa Road (£7.4m), both in SW3.

–– How will London house prices fare in 2016? The range of forecasts to date suggests prices will rise on average by 3%-6%. We predict average prices will increase by 8%, whereas prices in prime locations such as Mayfair, Chelsea or Knightsbridge are likely to be flat.

–– A London Housing Commission report for the Institute for Public Policy Research shows half a million homes need to be built in the capital over the next decade to keep up with demand, but in the past decade just 194,000 were built.

House Prices Feb 16

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