The average cost of buying a property with a mortgage in Camden, London, was about twice as high as in Croydon in June 2024. Despite experiencing one of the highest declines in property prices in the past year, Kensington and Chelsea remained the most expensive borough for residential real estate. The average cost of buying a new residential dwelling with a mortgage is usually higher than the original asking price. The amount of the down payment, interest payments placed on the repayment of the loan, and other added costs on can amount to thousands of British pounds.
Property prices in other cities in the UK
Cambridge, Oxford, and Bristol were some of the other cities with costly housing markets. Despite the slowdown in the residential sector, many of the major cities in the UK continued to see house prices increase in 2023. Though the housing boom witnessed during the pandemic has come to an end, prices show little volatility, due to the high demand and chronic shortage of affordable housing.
To buy or to rent?
Buying has long been the better option for those who can afford it. Homebuyers can achieve monthly savings of several hundred British pounds, depending on the region. Nevertheless, the soaring mortgage rates and house prices in recent years have led to a narrowing gap between purchase and rental costs.
Average price of housing bought with a mortgage and percentage change from the previous year in London (UK) in June 2024, by borough
(in GBP)
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Office for National Statistics (UK), & GOV.UK. (August 13, 2024). Average price of housing bought with a mortgage and percentage change from the previous year in London (UK) in June 2024, by borough (in GBP) [Graph]. In Statista. Retrieved November 21, 2024, from https://www.statista.com/statistics/1029493/average-mortgage-price-of-dwellings-in-london-by-borough/
Office for National Statistics (UK), und GOV.UK. "Average price of housing bought with a mortgage and percentage change from the previous year in London (UK) in June 2024, by borough (in GBP)." Chart. August 13, 2024. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/1029493/average-mortgage-price-of-dwellings-in-london-by-borough/
Office for National Statistics (UK), GOV.UK. (2024). Average price of housing bought with a mortgage and percentage change from the previous year in London (UK) in June 2024, by borough (in GBP). Statista. Statista Inc.. Accessed: November 21, 2024. https://www.statista.com/statistics/1029493/average-mortgage-price-of-dwellings-in-london-by-borough/
Office for National Statistics (UK), and GOV.UK. "Average Price of Housing Bought with a Mortgage and Percentage Change from The Previous Year in London (Uk) in June 2024, by Borough (in Gbp)." Statista, Statista Inc., 13 Aug 2024, https://www.statista.com/statistics/1029493/average-mortgage-price-of-dwellings-in-london-by-borough/
Office for National Statistics (UK) & GOV.UK, Average price of housing bought with a mortgage and percentage change from the previous year in London (UK) in June 2024, by borough (in GBP) Statista, https://www.statista.com/statistics/1029493/average-mortgage-price-of-dwellings-in-london-by-borough/ (last visited November 21, 2024)
Average price of housing bought with a mortgage and percentage change from the previous year in London (UK) in June 2024, by borough (in GBP) [Graph], Office for National Statistics (UK), & GOV.UK, August 13, 2024. [Online]. Available: https://www.statista.com/statistics/1029493/average-mortgage-price-of-dwellings-in-london-by-borough/