As the capital of the UK and the city that houses around 1 in 10 of our population, London's market warrants a seperate analysis to the rest of the country.
It's astonishing that some Boroughs property price averages are just over £250,000 while the Kensington and Chelsea's of this global market see averages of over £1.3 million - suggesting now that even a London average is a pointless statistic.
Download the full report for all London Boroughs
London boroughs potentially overheating:-
Lambeth, Southwark and Waltham Forest
Year on Year growth between 27% and 28% in these boroughs usually indicates an overheating market and in the case of Southwark and Waltham Forest this is the case, however growth in Lambeth has slowed so looks like it is cooling down at last.
After the last recession though, these boroughs saw rises in excess of 30% YoY in 2000, so although the growth is high, it is at a lower rate than in the past.
Ealing, Hackney, Islington and Bromley
These boroughs are all performing fantastically still, experiencing year on year growth between 22% and 23%. As in the boroughs above though, the rises year on year are lower than they were back in 2000, when annual rises were as high as 30%+ YoY.
If you are thinking about or want to enter the London property market then check out my articles:-
Buying in an overheating market and First time buyers in London - what are your options?
Areas in London with the highest price rises since 2007/8
These areas have gone through stagggering growth since the market crash and prices are their prices are well above the market height of 2007/08-
Are there any affordable areas left in London?
There are onlythree of boroughs left which aren't now more than 10% above their 2007/08 market heights and remain affordable for those looking to buy in the London area. Most still have broken double digit growth since the crash in property prices seen over six years ago, so can be considered 'good value for money' still.
If you are experiencing difficulties finding a property in your favoured London area it's always a good idea to examine other locations nearby, so do checkout our:-
Comprehensive London Borough Breakdown
What's the impact of Stamp Duty changes on London?
Forecasts for 2015 suggests a strong slowdown in London and some even suggest slight falls. It's likely that although the stamp duty changes won't impact too much on prices in the area, it may help boost demand for the first part of the year as though who were having to save up to £9,000 just to pay tax are likely to pay half this level now, brining forward their purchase.
The other likely impact is that properties previously priced at £250,000 then jumping to £275,000 will be priced more fairly for both parties at the likes of £255k or £260k. Although this means you may have to pay a little bit more as a buyer, it's still no where near as costly as having to pay out over £7,500 for a property over £250,001 versus the £2,500 stamp duty at £250,000.
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