–– 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.