Want To Know How Much Property Prices Have Gone Up in London During the Last 20 Years?
June 19, 2017 by CRL Management
During the past 20 years, house prices in London have surpassed those in the rest of the UK. The question is: by how much exactly?
At present, property prices in London are growing at their slowest pace in five years, but the level of capital growth over the past 20 years has been eye-opening.
A fresh analysis of property prices obtained from Land Registry data reveals that market values for homes across all of the London boroughs have gone up by an astounding average of 489% over the last two decades.
The average price for a London home was a mere £107,829 in February 1997. Flash forward two decades and the typical market value of a home is £638,368, which represents a massive increase of £530,539 for the price of a house in the capital.
In the City of Westminster, house prices have surged by an incredible 784% over the past 20 years, making it the fastest-growing borough in London in terms of property values.
Close behind is the east London borough of Hackney, where house prices have gone up by nearly 679%. Homes in Hackney now cost an average of £585,848 (February 2017 figures) and that is many times over what they went for in 1997 – at an average of £75,210.
Portico estate agents regional director Mark Lawrinson said that location is the main consideration when you’re looking to invest in London real estate and profit from capital appreciation.
Mr Lawrinson said that buying in areas that are undergoing regeneration or infrastructure investment tends to result in profitable yields, so repaying mortgages is seldom a problem.
He added that London is a highly resilient city, so for anyone who is buying with a medium to long-term view, their property investment is safe.
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