City of London house prices increased in February

EMBARGOED TO 00001 TUESDAY OCTOBER 26 File photo dated 14/10/14 of estate agents boards. The housing market is set to record its highest level of sales this year since 2007, according to a property website. Issue date: Tuesday October 26, 2021.

House prices increased by 1.5% in City of London in February, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 15.4% annual growth – the highest in London.

The average City of London house price in February was £839,698, Land Registry figures show – a 1.5% increase on January.

Over the month, the picture was less good than that across London, where prices increased 2.2%, but City of London outperformed the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in City of London rose by £112,000 – putting the area top among London’s 33 local authorities with price data for annual growth.

At the other end of the scale, properties in Lewisham lost 2% of their value, giving an average price of £436,000.

First steps on the property ladder

First-time buyers in City of London spent an average of £862,000 on their property – £117,000 more than a year ago, and £21,000 more than in February 2017.

By comparison, former owner-occupiers paid £826,000 on average in February – 4.1% more than first-time buyers.

How do property prices in City of London compare?

Buyers paid 58.5% more than the average price in London (£530,000) in February for a property in City of London. Across London, property prices are high compared to those across the UK, where the average cost £277,000.

The most expensive properties in London were in Kensington and Chelsea – £1.4 million on average, and 1.6 times as much as more than in City of London. Kensington and Chelsea properties cost 4.1 times as much as homes in Barking and Dagenham (£341,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in February

City of London: £839,698London:£529,882UK: £276,755

Annual growth to February

City of London: +15.4%London: +8.1%UK: +10.9%

Best and worst annual growth in London

City of London: +15.4%Lewisham: -2%