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London Property Market 16 June 2014

Chestertons Residential Observer - May 2014

Current average monthly asking rents in London are £2,740 according to Zoopla and £2,684 according to Home.

Nick Barnes, Head of Research


  • Average house price inflation slowed again in March, although at 12.4% the annual growth rate remains steamy. The picture looks even more dramatic at borough level, with four boroughs recording growth in excess of 20%, led by Waltham Forest (+23.5%) and Lambeth (+21.9%).
  • Zoopla has calculated that over a seven year period, it makes more financial sense to buy than to rent in most UK cities, with London being one of the exceptions. In the capital, it would take a projected 18 years for someone with a 10% deposit to be better off financially compared to renting, according to the study.
  • London had 70,000 short-term residents on 2011 Census day - around 37% of the national total. The majority of these residents were concentrated in central London, with eight boroughs accounting for 50% of the London total.
  • The Grosvenor Estate has recently sold approximately £240m of residential property in London. Although some commentators have suggested this is because they believe the market has peaked, the sale proceeds have been reinvested elsewhere in London in locations where they see better returns on investment.
  • Sales of residential property at auction recorded healthy growth in the first quarter of this year. The number of lots sold rose by 9.1% compared to the corresponding period last year while the total sales value was 21.4% higher.
  • Some good news for Londoners: apparently they live longer than their counterparts elsewhere in the UK. London men live 77.9 years and London women live 82.4 years. Residents of Kensington and Chelsea are the longest-living of all Londoners, with men living 83.7 years, and women 87. 8 years. Is it something in the water?
  • At the time of writing, current average monthly asking rents in London are £2,740 according to Zoopla and £2,684 according to Home.