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Average mortgage price for houses in London 2020, by borough

The average cost of buying a new residential dwelling with a mortgage will always end up costing more due to the interest rates placed on the repayment of the loan. Even with a relatively low interest rate, the added costs on top of the original asking price can amount to thousands of British pounds.

Location, location, location Location plays a substantial role in the real estate market. House prices vary widely not only in different regions but also in different counties in the United Kingdom (UK). In London, which is the most expensive city in the UK, house prices were the highest in Kensington and Chelsea. The average house price there was over 1.3 million British pounds compared to a house in Barking and Dagenham, which cost approximately 290 thousand British pounds as of May 2019.

House price index in London As of March 2020, the house price index for London was 120.6 points which means that the average price for all residential property types (detached, semi-detached and terraced houses, as well as flats and maisonettes) had increased by almost 21 percent since the beginning of 2015. The HPI for the United Kingdom (UK) followed the same trend.

Average price of dwellings with a mortgage in London (UK) as of March 2020, by borough

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Sources

Release date

May 2020

Region

United Kingdom (England)

Survey time period

March 2020

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Statistics on "Residential property market in London (UK)"

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