What Is The Average House Price In London?

The house prices in London now hit a new record high according to most of the sales data in the UK. The current house price in London is at £521,000 on average, while the other locations still lag. In December 2021, the average house prices in London lifted to a new record of £521,146.

According to the land registry data, the capital’s property market was still the slowest rise in the country. However, there is still some evidence that the property prices in the city will rise in the coming months.

Throughout the COVID pandemic, London lagged in terms of property prices. Most investors in the country would opt for larger homes in the countryside over the inner city flats during the lockdowns. The Stamp Duty also affected the house prices in the country and the capital, to be specific.

The house prices in the city increased by at least 0.2% in December compared to 0.8% for the UK and 1.1 for England.

According to Plumplot, the average property price in London is £667k. The house price in the capital has increased by at least 1% over the last 12 months. The price of an established property in the city goes for £669k, and a newly built house stands at £630k. For March 2021 –February 2022, most of the properties were sold in the £500k – £750k price range.

The HM Land Registry reports that the average house price has risen by 0.4% since December 2021. The annual house prices have risen by at least 9.6%, making the average property in the UK valued at £273,762.

Here is a breakdown of average property price by type in London

Source: UK Government News

Tips for buying property in London

Buying property in London is not that easy, especially if you are a new investor. If you’re buying property in London and other cities in the UK, you should give yourself time. Here is what you should do when you plan to buy property in London:

1 – Organize your finances

Before you can think of buying property in London, you should prepare and arrange your finances. This stage may involve reaching out for a mortgage and making the funds available.

2 – Search for a property of your choice

Once you have the funds, the next step is to search for the property you want to buy. You can choose a house based on your needs and requirements. Go through some of the listed houses in your location for the best offer in the market.

3 – Use an online investment tool

If you are new to real estate, you can use real estate property investment tools like Property Deals Insight to pick the best property deals. This tool will help you analyse in-depth data on 27+ million homes to help you make the right property buying decision.

4 – View property

Once you have identified the property you want to purchase, you should now make that effort to view it. You should ensure your estate agent accompanies you. Don’t forget to ask all questions you may have on the property.

5 – Put an offer

If you want to understand the property market in the UK, you should go over the most important property selections. You can ask your agent to put forward an offer to the seller once you find a property you like.

6 – Instruct your conveyancing solicitor

At this stage, you should hire experienced conveyancing solicitors in London like AVRillo which offers conveyancing solicitor services in Loughborough, Oxford, York, and other areas in the UK. They can help with the legal process of acquiring the house.

Final Thoughts 

If you look forward to owning property in the UK, this is the right time to make that move. The London property market is currently in a slump, making it prime time to purchase a property. When you research widely in the real estate market, you can get some of the best deals.

Take advantage of the fact that the current property prices in London and the great UK favour buyers. If you plan to buy a house in London, you should hire a conveyancing solicitor to help you in the whole process.