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TODAY'S OTHER NEWS

Index shows London prices really do tell a tale of two cities...

New data from LSL Property Services suggest that the image of London as one large housing market encountering difficulties at the moment is far from correct - and that in fact much of the capital is doing rather well.

LSL says the average house price across Greater London has fallen each month since March 2016, but this largely reflects a slowdown in prime property rather than a wider issue. 

The group says Hammersmith and Fulham, Kensington and Chelsea, Westminster and Camden all saw significant price falls last year.

Three of the cheaper boroughs, by contrast, saw double-digit growth: Barking and Dagenham (with the cheapest average prices in London) up 12.1 per cent; Bexley up 11.8 per cent; and Havering, up 10.2 per cent.

Waltham Forest with average prices still about £135,000 below the London average of £585,931 was another to see growth over 10 per cent.

Of the 19 lowest priced boroughs as of last November, only two have seen price falls in the last 12 months: however, of the 14 highest priced last November, only three have escaped price drops.

For transactions, the story has been more consistent. All 33 London boroughs have seen a reduction over the three months from September to November 2016, compared to a year earlier. 

Again, though, cheaper areas have fared better, with the smallest reductions in sales in Bexley and Barking and Dagenham.

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    whoever thought London was ''one large market'' anyway?

  • Rookie Landlord

    "The group says Hammersmith and Fulham, Kensington and Chelsea, Westminster and Camden all saw significant price falls last year."

    Yeah, significant price falls - down from an average price of £4.5 million to £4 million. Still not exactly affordable, is it? Try buying a buy-to-let property in one of the above locations and you will quickly change your mind.

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