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 ÂŁ535,711 to ÂŁ508,037, resulting in a ÂŁ27,674 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 performan ...
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