It should come as no surprise (and something we had warned clients about in early 2023) that last year, London experienced a widespread decline in house prices across all but six of its 33 local authority areas, marking the capital as the hardest-hit region in the UK due to soaring interest rates, as per new analysis unveiled today.
The average price of a home in London decreased by 5.2% in 2023, dropping from £535,711 to £508,037, resulting in a £27,674 decrease in the typical property value in the capital, according to the latest Land Registry data.
This contrasts sharply with the national average decline of just 1%. However, within this overarching trend, individual boroughs exhibited significant variations in performance, as revealed by data compiled today by agents Benham and Reeves. Prices dropped in 26 boroughs and the City of London, with the steepest declines observed in the most affluent neighborhoods.
Westminster saw the most substantial single dro ...
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