London property prices: Four neighbourhoods where house prices rose by more than 50% last year
London neighbourhoods in Hammersmith and Fulham, Westminster, Enfield and Barnet saw massive rises in average house price.
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House prices in four neighbourhoods rose by more than 50% last year, figures have revealed.
The latest data from the UK House Price Index shows the average UK house price was £286,500 in April 2023, a slight rise from the previous month but £6,500 below the £293,000 all-time high recorded in September 2022.
The Office for National Statistics also divides England into thousands of smaller areas known as middle-layer super output areas (MSOAs). It has released new house price figures for each of these neighbourhoods for the calendar year 2022.
Several London MSOAs saw average house prices more than 50% higher in 2022 than in 2021.
This pleasant area of Fulham saw average prices rise by 57.9%, from £760,000 in 2021 to £1,200,000 in 2022.
In 2021, 59% of residential property sales were flats/maisonettes and in 2022 it was 49%, which may account for the higher prices. But it does look like property values in general are rocketing too - the average price of a flat is up 30% in a year.
Knightsbridge, Belgravia & Hyde Park
This famous Westminster area had the highest average house prices in the country last year at £4,095,500 - up 51.1% on £2,271,000 in 2021.
The neighbourhood was nearly twice as expensive as its nearest rival, and even the average flat/maisonette sold for £3.2 million, up from £1.8 million the year before.
Palmers Green West
In this Enfield neighbourhood, average prices rose by 50.4%, from £475,550 in 2021 to £715,000 in 2022. The proportion of sales that were flats/maisonettes fell, from 52% in 2021 and 38% in 2022. But, again, property values seemed to be rising sharply even among properties of the same type. The average price of a semi-detached house was up 30%. Prices for flats were a bit steadier.
In Hendon Central, Barnet, the changing type of home on the market seemed to be largely behind the rise - 50%, from £477500 to £716,400.
Flats/maisonettes made up 65% of sales in 2021 and just 48% in 2022. Looking at distinct types of property, the price of a semi-detached house is just shy of £1m in this area now, up 23% from the year before. Flats were up by 6% year on year.