This recent article featured in the Telegraph shows how house prices have changed in the last year across different London boroughs. We've conducted our own analysis for these areas using our whole-of-market data.
London as a whole has an average asking price of just over £958k, with an average length on market of 134 days, with roughly 1.6% of all property in the capital available for sale.
One poorly performing borough, according to the Telegraph, is Kensington and Chelsea, which has reportedly lost 10% in house value in just one year. With it's inflated market statistics (even for London), this borough is an outlier in itself, proven by its sky-high average asking price of £2.3m. Average length of properties on market in this borough is 185 days, worse than the regional average, but likely related to those astronomically high asking prices.
Also poorly performing is the borough of Merton, which has lost 7% of house value in the past year. The average asking price is just over £750k, and length on market is just 118 days. It’s relatively low length on market doesn’t quite add up – we’d expect to see a higher than average length on market due to its very high sale percentage.
The best performing borough is Hackney, which has gained almost 10% in house value in just one year. The average asking price for this borough right now is just over £774k, with an average length on market of 127 days.
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*Data correct as of 26/09/2016