Average flat price and annual percentage change in London 2024, by borough

The borough with the highest property prices in London, Kensington and Chelsea, had an average price for a flat that was about 600,000 British pounds higher than the London average. London is the most populous metropolitan area in the UK, and living in it comes with a price tag. Unsurprisingly, the most expensive boroughs in terms of real estate prices are located in the heart of the metropolis: Kensington and Chelsea, the City of Westminster, and the City of London. In Kensington and Chelsea, home to several museums such as the Natural History Museum, the Victoria and Albert Museum, and the Science Museum, as well as galleries and theaters, the average price of apartments was over million British pounds.

How have residential property prices developed in recent years?

The average house price in England declined slightly in 2023 after increasing year-on-year since 2008. The housing market in Wales also experienced a mild correction, but prices in Scotland and Northern Ireland continued to grow. Since 2015, the base year of the UK House Price Index, house prices in London have risen by over 30 percent. In London, the cost of a flat decreased by 0.3 percent year-on-year as of June 2024. However, some of the most expensive boroughs recorded a decline of over 10 percent. 

Are residential property prices in London expected to grow in the future?

Despite property prices declining in 2023, the market is forecast to continue to grow in the next five years, according to a March 2023 forecast. Some of the reasons for this are the robust demand for housing, the chronic shortage of residential properties and the anticipated decline in mortgage interest rates.