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London Property Market 30 October 2014

Chestertons Residential Observer - October 2014

The average house price now stands at £460,521.

Nick Barnes, Head of Research

Top 5 London Boroughs

  1. Lambeth - 28.6%
  2. Waltham Forest - 26.4%
  3. Lewisham - 26.2%
  4. Southwark - 26.0%
  5. Hammersmith & Fulham - 24.6%

Average annual sold prices in London also slowed in September but nonetheless remained punchy at 18.4%. The average house price now stands at £460,521. The less central, lower value boroughs continue to see the strongest price growth, with Lambeth (+28.6%) and Waltham Forest (+26.4%) leading the way. Nonetheless, in the prime Kensington & Chelsea borough prices rose by a not inconsiderable 15.2% over the same period.

Average sold prices in the capital continue to defy logic – high double digit growth cannot be sustainable long term. It is usually the prime sector which experiences a slowdown first – but is also first to lead the subsequent upturn. Prime values are already slowing, so expect the wider market to follow by next year.

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