The housing market in London presents a complex picture, with some areas experiencing growth while others face significant price drops, according to the latest data from HM Land Registry.

Despite an overall decrease in property prices across London, a few boroughs have bucked the trend and shown positive growth over the past year. Greenwich leads with a small rise in property values.

Greenwich Growth

In Greenwich, average house prices have risen by 2.4%, adding approximately £10,678 to the property values. This increase is higher than the national average, bringing the average house price in the borough to £461,784. This figure, however, still falls below the average house price across London.

Islington and Southwark Also on the Rise

Similarly, Islington has seen a growth of 1.5% in its average house prices, which now stand at £678,134 after an increase of £9,863. Southwark follows closely with a 1.4% increase, raising the average property price by £6,814 to £491,508.

The Struggle in London’s Cheapest Boroughs

On the flip side, some areas in London continue to experience declines, with the steepest drops observed in the more centrally located and typically more expensive boroughs.

Barking and Dagenham

Barking and Dagenham, known as the most affordable borough in London, witnessed a significant decrease in house prices by 7.5%, bringing the average property price down to £315,275.

Newham and Croydon

Newham and Croydon also faced declines, with house prices decreasing by 3.2% and 3.8% respectively. This sets the average house prices at £384,741 for Newham and £394,239 for Croydon.

Steep Declines in Central London

The more central boroughs, known for their high property values, have seen the most dramatic declines.

Record Drops in Prestigious Areas

The City of London leads the downturn with a staggering 22% decrease, reducing average property prices by £192,553. Similarly, Hammersmith and Fulham saw a 21% decrease, while Westminster experienced a 20.9% drop, slashing £240,072 off its average property value.

Kensington and Chelsea

Kensington and Chelsea, although seeing a 13.6% decrease, remains the most expensive place to buy property in the country with an average price of £1,193,478.

While the overall trend in London’s housing market shows a decline, there are pockets of growth, particularly in less central areas. The stark contrast in property price movements between different boroughs highlights the varied dynamics of London’s real estate market. As central areas witness sharp declines, perhaps due to a market correction or other economic factors, outlying areas like Greenwich, Islington, and Southwark provide opportunities for growth, attracting buyers with relatively more affordable prices.