The annual increase in prices of residential properties in England was 5.03 per cent in 2017 with the average price of a house being £243,582.
Likewise, average house prices increased by 2.5 per cent from January to December 2017 (up from 2 per cent from January to November 2017), according to the latest UK House Price Index England, published by the HM Land Registry.
Though 2017 was a challenging year for the UK property market owing to Brexit and its economic implications, the house prices appreciated in England as well as London because of the strong fundamentals of the real estate sector.
Except for a few central London boroughs, majority of them witnessed growth in house prices in 2017. Among the London boroughs that witnessed the highest price rise were Tower Hamlets – 9.4 per cent with average price of a property being £503,771; Merton – 9.8 per cent; Bromley – 5.7 per cent; and Barnet – 5.4 per cent; Lewisham – 4.7 per cent and Havering / Hammersmith & Fulham – 4.5 per cent.
It is evident that the appreciation in capital values of London property from the long-term is good. If you are keen on buying a property in London, Strawberry Star can assist you. Contact our London office for details.
In December 2017, the most expensive area to live in was Kensington and Chelsea, where the cost of an average house was £1.2 million.