Booming London Property Prices By Borough
London was never a particularly cheap place to live – in fact, Rightmove’s figures suggest that the average asking price of a property in London has risen by £80,000 since the start of 2014. As a result, prices are now at an all-time high, and only look set to rise in future. However, as is to be expected, some boroughs are significantly more expensive than others, with some enjoying a meteoric rise in prices following different developments, ranging from infrastructure and transport links to foreign investment. To chart these changes, Delivery Quote Compare have collated data from the Land Registry, the London Development Database and the Department for Communities and Local Government to create this informative infographic: Booming London Property Prices by Borough. London Property Prices by Borough Click Image To View Full Infographic The property gap has continued to widen over the last twenty years and the trend suggests that prices will only continue to skyrocket. According to Rightmove, 10 out of London’s 32 boroughs have experienced asking price rises of over 20%, with a 43% increase in Tower Hamlets alone. The streets of London may be paved with gold, and it looks to be glittering brighter than ever before. But if you’re looking to make your fortune in property, you’d better get in there quickly. Some areas have experienced larger increases than others when it comes to property prices, but even supposed “cheaper” locales, like Newham, have surged by 258% – what would have cost around £65,000 in 1995 is now much closer to £240,000. Buying your first family home in the capital for less than £100,000 is unheard of nowadays – and it doesn’t take a genius to guess how the more upmarket boroughs have been affected. The most expensive areas, such as Kensington and Chelsea, were already reassuringly costly in the mid-1990s, with a typical property setting a London dweller around £189,000. However, with a massive leap of 526% in price growth, any self-respecting would-be homeowner would now be looking at just over a cool million. Which is expensive – but great for a potential investor, if they can afford it! What about the ordinary Londoner looking to buy? Is it still doable in this day and age, or will getting on that first rung of the London property ladder forever be a pipe dream? It’s definitely possible, as the data shows – but it’s by no means easy. If you don’t want to live in a tiny box studio flat in Knightsbridge, there are a few options: East London would probably be your best starting point, with the cheapest areas being Barking and Dagenham, Newham, and Havering, which will set you back between £231,000 and £271,000 respectively. Yes, you read correctly – £200,000+ is now considered the bottom end of the market.
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Booming London Property Prices By Borough
- 2. 228 300 217 387 257 499 505 232 323 238 286 596 484 423269 212 240 283 489 526 306 495 335 340 258 276 363 426 239 341 357 477 Harrow Barnet Enfield Haringey Waltham Forest Redbridge Havering Barking & Dagenham Newham Hackney Tower Hamlets Islington Camden City of Westminster Kensington & Chelsea Hammersmith & Fulham Brent Hillingdon Ealing Hounslow Richmond upon Thames Wandsworth Lambeth Southwark Lewisham Greenwich Bexley Bromley CroydonSutton Kingston upon Thames Merton 258 Less than £250k £251k - £300k £301k - £350k £351k - £400k £401k - £450k £451k - £500k £501k - £550k £551k + Percentage increase in average price since January 1995 Current average property price: 228 300 217 387 257 499 505 232 323 238 286 596 484 423269 212 240 283 489 526 306 495 335 340 258 276 363 426 239 341 357 477 Harrow Barnet Enfield Haringey Waltham Forest Redbridge Havering Barking & Dagenham Newham Hackney Tower Hamlets Islington Camden City of Westminster Kensington & Chelsea Hammersmith & Fulham Brent Hillingdon Ealing Hounslow Richmond upon Thames Wandsworth Lambeth Southwark Lewisham Greenwich Bexley Bromley CroydonSutton Kingston upon Thames Merton 258 Less than £250k £251k - £300k £301k - £350k £351k - £400k £401k - £450k £451k - £500k £501k - £550k £551k + Percentage increase in average price since January 1995 Current average property price:
- 3. 201320122011201020092008200720062005200420032002200120001999199819971996 THE PROPERTY GAP:Difference between highest and lowest average prices across London The lowest average property price was £65k in Newham in 1995, still one of the most inexpensive places to live - although today you can expect to pay around £240k. Kensington & Chelsea saw the highest average price in 2014 at £1,301k. This area was still relatively expensive in 1995, with prices around £189k.
- 4. WANDSWORTH 477% £88k £507k 1995 avg. 2014 avg. New residential builds started 2,994 14.4Affordability Affordability is calculated as the median property price divided by the median earnings in a given area. For example, Kensington & Chelsea is the least affordable borough with property prices averaging 32 times that of average earnings! New residential builds indicate projects that have begun construction.
- 5. WESTMINSTER 505% £149k £900k 1995 avg. 2014 avg. New residential builds started 2,577 20.4Affordability
- 6. SOUTHWARK 426% £89k £468k 1995 avg. 2014 avg. New residential builds started 1,874 9.7Affordability
- 7. HILLINGDON 240% £85k £290k 1995 avg. 2014 avg. New residential builds started 1,583 7.6Affordability
- 8. NEWHAM 258% £65k £233k 1995 avg. 2014 avg. New residential builds started 1,501 7.7Affordability
- 9. HAMMERSMITH & FULHAM 484% £118k £688k 1995 avg. 2014 avg. New residential builds started 1,293 16.3Affordability
- 10. LAMBETH 495% £75k £449k 1995 avg. 2014 avg. New residential builds started 1,189 9.8Affordability
- 11. GREENWICH 286% £75k £290k 1995 avg. 2014 avg. New residential builds started 1,147 8.3Affordability
- 12. BARNET 300% £100k £401k 1995 avg. 2014 avg. New residential builds started 1,121 10.9Affordability
- 13. BRENT 387% £73k £357k 1995 avg. 2014 avg. New residential builds started 957 11.6Affordability
- 14. LEWISHAM 335% £74k £322k 1995 avg. 2014 avg. New residential builds started 911 8.0Affordability
- 15. HACKNEY 596% £76k £526k 1995 avg. 2014 avg. New residential builds started 768 11.3Affordability
- 16. CROYDON 232% £82k £273k 1995 avg. 2014 avg. New residential builds started 627 7.6Affordability
- 17. ISLINGTON 489% £101k £595k 1995 avg. 2014 avg. New residential builds started 596 12.3Affordability
- 18. TOWER HAMLETS 341% £93k £412k 1995 avg. 2014 avg. New residential builds started 588 6.7Affordability
- 19. HAVERING 212% £87k £271k 1995 avg. 2014 avg. New residential builds started 526 7.4Affordability
- 20. CAMDEN 499% £120k £721k 1995 avg. 2014 avg. New residential builds started 478 15.3Affordability
- 21. KENSINGTON & CHELSEA 526% £189k £1,181k 1995 avg. 2014 avg. New residential builds started 451 32.4Affordability
- 22. SUTTON 239% £81k £273k 1995 avg. 2014 avg. New residential builds started 381 8.6Affordability
- 23. EALING 323% £87k £370k 1995 avg. 2014 avg. New residential builds started 362 11.1Affordability
- 24. HOUNSLOW 283% £82k £315k 1995 avg. 2014 avg. New residential builds started 322 9.5Affordability
- 25. REDBRIDGE 276% £85k £320k 1995 avg. 2014 avg. New residential builds started 322 8.8Affordability
- 26. BROMLEY 257% £91k £324k 1995 avg. 2014 avg. New residential builds started 311 10.0Affordability
- 27. KINGSTON UPON THAMES 306% £89k £362k 1995 avg. 2014 avg. New residential builds started 266 11.9Affordability
- 28. BEXLEY 217% £79k £249k 1995 avg. 2014 avg. New residential builds started 246 8.0Affordability
- 29. HARROW 269% £89k £329k 1995 avg. 2014 avg. New residential builds started 193 12.0Affordability
- 30. HARINGEY 423% £82k £428k 1995 avg. 2014 avg. New residential builds started 188 10.5Affordability
- 31. ENFIELD 238% £82k £275k 1995 avg. 2014 avg. New residential builds started 185 9.4Affordability
- 32. 8.7Affordability 357% £67k £306k 1995 avg. 2014 avg. New residential builds started 155 WALTHAM FOREST
- 33. BARKING & DAGENHAM 228% £70k £231k 1995 avg. 2014 avg. New residential builds started 96 5.1Affordability
- 34. RICHMOND UPON THAMES 363% £116k £537k 1995 avg. 2014 avg. New residential builds started 81 15.0Affordability
- 35. MERTON 340% £91k £400k 1995 avg. 2014 avg. New residential builds started 53 11.3Affordability
- 36. Data taken from the Land Registry, the London Developmet Database, and the Department for Communities and Local Government. The affordability metric is calculated as the median of property sales (Land Registry) divided by the median of earn- ings (The Annual Survey of Hours and Earnings.) Brought to you by