London, one of the top residential property markets in the world, has been registering a rapid growth in house prices since the last 10 years. Latest statistics revealed that house prices in London increased 86 per cent since 2009, the highest for any UK city.
The current price of a house in London is £488,400, according to Hometrack’s UK Cities House Price Index. London is followed by Oxford where the average house price is £425,700 with Cambridge at the third position (£404,400).
On an annual basis, London’s house prices grew by 1.8 per cent in 2017 owing to economic uncertainty in view of Brexit and its impact on the housing market. This year the house price growth in London is expected to remain in the positive territory.
House prices outside London are also growing consistently with the UK city house price inflation running at 5 per cent, up from 4 per cent a year ago. Edinburgh is the fastest growing city (+7.7 per cent) with Birmingham, Manchester, Leicester and Liverpool all growing by more than 6 per cent per annum.
House price growth since 2009 varies from +6% in Aberdeen to +86% in London