London Property Market: Hamptons' Data Reveals Changes in Average Prices by Borough | Fraser & Co
London's property market is known for its significant variance in average sales prices across its 33 local authorities, with prices climbing and falling over time. According to the latest data from Hamptons, neighborhoods change their ranking as their home values rise, fall, or remain stable in 2022. Despite a decline in year-over-year price growth of 9% and 8%, Kensington & Chelsea and the City of Westminster, the two most expensive boroughs in London, retain their top-ranking positions.
The pandemic has had a significant impact on the London property market, with many Londoners seeking more space in the greener outskirts of the city. Suburban Richmond saw a 2% growth, pushing Hammersmith & Fulham out of the top five for the first time since 2015. Brent and Tower Hamlets gained three positions each, with Tower Hamlets experiencing an astounding 14% price increase to £492,600.
Inner-city boroughs such as Hackney and Southwark bucked the trend of inner-city decline, with a 12% and 10% price increase, respectively. However, Lambeth saw the largest dip over the past three years, falling from 12th to 16th position.
Other boroughs that fell in the rankings include Lewisham, Redbridge, Ealing, Bromley, Wandsworth, Haringey, and Croydon. Despite the trend for lower prices in inner London boroughs, a new property cycle is expected to start in 2025, which may lead to the rise of a few additional inner London boroughs.
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