The average house price in London increased slightly year-on-year as of June 2024, amid a slowdown in the UK housing market. Barking and Dagenham was the most affordable borough to buy a house, with an average price of 340,403 British pounds. Kensington and Chelsea stood at the other end of the spectrum, with an average price of 1.2 million British pounds. Nevertheless, it was also one of the boroughs where prices fell the most.
Demand for housing and house prices
With vastly more job and cultural opportunities, megacities continue attracting people from all over the world. Since the beginning of the 1980s, the population of London has increased by more than 2 million inhabitants and in the next 20 years, it is forecast to increase by almost 1.5 million. That makes London properties a valuable asset. Historically, property prices in London have risen steadily, albeit minor fluctuations.
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Office for National Statistics (UK), & GOV.UK. (August 13, 2024). Average house price and percentage change from the previous year in London (UK) in June 2024, by borough (in GBP) [Graph]. In Statista. Retrieved October 06, 2024, from https://www.statista.com/statistics/1029250/average-house-prices-in-london-united-kingdom-by-borough/
Office for National Statistics (UK), und GOV.UK. "Average house price and percentage change from the previous year in London (UK) in June 2024, by borough (in GBP)." Chart. August 13, 2024. Statista. Accessed October 06, 2024. https://www.statista.com/statistics/1029250/average-house-prices-in-london-united-kingdom-by-borough/
Office for National Statistics (UK), GOV.UK. (2024). Average house price and percentage change from the previous year in London (UK) in June 2024, by borough (in GBP). Statista. Statista Inc.. Accessed: October 06, 2024. https://www.statista.com/statistics/1029250/average-house-prices-in-london-united-kingdom-by-borough/
Office for National Statistics (UK), and GOV.UK. "Average House Price and Percentage Change from The Previous Year in London (Uk) in June 2024, by Borough (in Gbp)." Statista, Statista Inc., 13 Aug 2024, https://www.statista.com/statistics/1029250/average-house-prices-in-london-united-kingdom-by-borough/
Office for National Statistics (UK) & GOV.UK, Average house price and percentage change from the previous year in London (UK) in June 2024, by borough (in GBP) Statista, https://www.statista.com/statistics/1029250/average-house-prices-in-london-united-kingdom-by-borough/ (last visited October 06, 2024)
Average house price and percentage change from the previous year in London (UK) in June 2024, by borough (in GBP) [Graph], Office for National Statistics (UK), & GOV.UK, August 13, 2024. [Online]. Available: https://www.statista.com/statistics/1029250/average-house-prices-in-london-united-kingdom-by-borough/