What’s actually happening now?
As always, it’s worth having a look at what’s happening now to see if it gives us any clues to what may happen in the future. London property price rises year on year were 17.4%, that’s a lot lower than the 21.6% achieved in Greater London in August 2014. The average is £461,453, sounds a lot, but bear in mind this figure ranges from homes worth £100,000 through to those worth hundreds of millions, so a pointless statistic for the public who are carrying out property projects.
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The latest data from Land Registry shows that in November 2014:
Highest Rises for 2014 vs 2013 were:
Southwark +27.2% Year on Year (YoY)
Lambeth +26.5&
Waltham Forest +25.7%
Lewisham +24.1%
Haringey +23.7%
Price rises such as these can indicate a market performing very well but consumers looking to purchase in these areas need to be wary of not paying over the odds as the numbers may also point to an overheating market.
Lowest Rises for 2014 vs 2013 were:
Havering +15.9%
Hillingdon +15.5%
Brent +15.4%
Kensington & Chelsea +13.1%
Redbridge +12.4%
These areas of London have experienced the Lowest price rises, year on year, however they are not necessarily performing badly, just not as well as some other boroughs.
Highest Falls from October to November
Although not hugely robust for +/-2% changes, there are six boroughs which have seen falls in house prices in the last month, including:-
Camden prices fell by 1%
Hammersmith & Fulham fell by 0.7%
Wandsworth -0.3%
Download the full London Data set
Will London house prices and rents thrive or dive in 2015?
Want to know what will happen to London property prices and rents in 2015?
Read my in depth London property market review of the current and forecasted data so that you know whether 2015 is your time to keep renting, get on the housing ladder, trade up or trade down, or buy for investment purposes.
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