We use analysis pulled together by HM Land Register to review London house prices and volumes across property types. £707,859 was the average house price in London over the last twelve months.
London house prices by house type
In London, the sold price average fell by 3% over the last year and grew by 18% over the 2019 peak of £164,236.
London is dominated by flat sales which were priced ay an average price of £435,969. If you wanted to buy a terraced property then you would have paid £230,000 more than a flat. This isn’t too dissimilar to the price of a semi-detached which fetched £675,000 on average.
Expect to pay over £1,000,000 for a detached property in London though – privacy clearly coming at a premium.
The average price of a sold property in London over the last year was 6% higher than it was a year ago, and 13% higher than it was in 2019. Both figures lagged the national average because London prices have risen rapidly in the prior years.
If you are looking for the best estate agents in London to value your flat, terraced, semi-detached or detached house then please click here.
Sales volumes by price range in London
The price of a newly built property is £935k. There were 24.5k property sales and sales dropped by 20.5% (-9.0k transactions). Most properties were sold in the £500k-£750k price range with 6001 (24.5%) properties sold, followed by over £1M price range with 5467 (22.3%) properties sold.
London is the area that has the highest transactions across the country with inner-London selling 24,500 properties. That being said, transactions have not been as strong this year with a drop of 17%.
75% of properties in London sell for over £400,000. This is an astonishingly high figure compared to the national average. Only 17% of properties in Liverpool were priced over £400,000 when they transacted for comparison.
22.3% of properties in London achieved over a million pounds.
New builds fetched a 54% premium to established properties and fetched £904,000 on average. This is 3x higher than the national average!
Monthly featured property
Check out the nicest property that we could find in August 2022 based in London:
This bespoke family home occupying a two-acre site in Highgate boasts three floors of accommodation and includes a substantial, self-contained staff lodge. There is a glass lift that connects each floor of this stunning home’s entrance hall.
As you enter the impressive entrance hall, you will find yourself in the formal dining and living rooms that boast stunning views of the magnificent grounds, which then lead on to the breakfast room and kitchen.
London house prices are closely monitored by the team at homemove. You can check back here every month for house price updates for London in August 2022 and beyond!
