Everybody seems to be talking about the London property market is experiencing a major surge in buyer demand, which is currently outpacing the rest of the UK, as real estate expert Nick Millican comments. The average asking price for a house in London has grown by 0.6 percent just since February 2024, reaching as high as £686,844. This increase is further amplified by some boroughs witnessing significant annual price hikes of up to 5.6 percent.
Price Jumps in Some Prime Central London Boroughs
Specific boroughs within the capital that are traditionally expensive appear to be experiencing the most dramatic price increases, real estate agent Nick Millican shares. Richmond-upon-Thames has taken the lead with a 5.6 percent annual rise, pushing the average house price up to £949,555. Similarly, Hammersmith and Fulham saw a 5.6 percent increase, with the average home now priced at £1,010,417. Central London boroughs, such as Westminster, also experienced a significant rise of 4.7 percent, with the average house price reaching as high as £1,526,159.
While most boroughs were exhibiting rising prices, both Kensington and Chelsea appear to be presenting a rather unique case, Nick Millican comments; house prices there have dropped slightly by 0.3 percent when compared to 2023. However, with the average asking price of a staggering £1,667,168, those particular boroughs remain the most expensive areas to purchase a house in London.
Supply & Demand
According to real estate experts like Nick Millican, strong demand is currently driving the massive price increases in London. He’s a leader in the real estate industry, and well-known for being highly experienced in investment management and asset development.