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London Property Market 22 January 2015

Chrome January 2015 - House prices

Average annual sold price growth slowing in London – from 18.6% in October to 17.4% in November.

Nick Barnes, Head of Research

Top 5 boroughs

  • Southwark 27.2%
  • Lambeth 26.5%
  • Waltham Forest 25.7%
  • Lewisham 24.1%
  • Haringey 23.7%

House prices – London

Latest available data from Land Registry show average annual sold price growth slowing in London – from 18.6% in October to 17.4% in November. Prices are rising fastest in Southwark (+27.2%) and Lambeth (+26.5%) and slowest in Redbridge (+12.4%) and Kensington & Chelsea (+13.1%).

NB comment: although slowing, price growth remains in double digit territory with the lower value boroughs seeing the strongest growth while the core prime areas have flattened or seen some decline in achieved values. The market is likely to see further slowing at least until the General Election while the pricing of properties coming to market may be influenced.

House prices – national & regional

  • Average annual house price growth in England & Wales is also slowing according to the Land Registry, from 7.7% in October to 7.1% in November. The national average house price (£176,581) is now 2.6% lower than its preglobal recession peak.
  • Eight out of 10 regions are similarly experiencing slowing annual price growth with the exception of West Midlands, where growth is accelerating and East Midlands, where prices have flattened.
  • Rightmove reported that 2014 ended with the largest ever monthly fall (-3.3%) in the national asking price of property coming to market. Asking prices for 2014 as a whole were 7.0% higher than in 2013.
  • Research from the Nationwide reveals that the premium for property located within a National Park has increased to 21%. The South Downs and the New Forest are the most expensive parks in which to buy a residential property.

London borough house price growth: 12 months to November 2014
Source: Land Registry