21 of London’s 33 boroughs are currently in the midst of a property boom and have hit record house prices over the past year. Typically, we are seeing that the boroughs in the outer suburbs are experiencing the largest growth in prices. Much of this can be attributed to the pandemic with many Londoners not expecting to return to the office on a full-time basis and opting to relocate to the outer leafy suburbs.
Prices in areas such as Haringey, Merton and Waltham Forest are at an all-time high. Furthermore, the regeneration of east London over the past decade has also fuelled the steep rise in property prices on that side of the city.
Contrary to this, we have also seen certain boroughs where property is cheaper now than in the 2018 peak. The largest Covid-provoked drop is in Kensington and Chelsea where prices are £120,600 lower than they were in 2018 when prices in the area were at a record high.
Price decreases in Westminster have also been significant at £116,800 down compared to 2018. Prices in Camden, Hammersmith and Fulham and Tower Hamlets have also tumbled below their recent peaks, completing the top five areas by discount.