Brexit is now confirmed, and talks are set to begin in on the full terms of the UK’s deal with the EU. However, throughout 2019, Brexit had little effect on the London property market. Indeed, many areas continued to see prices grow. Below we look at London house prices in 2019 and the best performing areas.
The Top 3 Performing Boroughs in Central London
Property investors searching for good long-term value can continue to look towards Hackney, a borough whose stock continues to rise with every passing year. By the end of 2019 the average property price in Hackney had risen 5.4% to £574,354, a jump of £29,375.
Price rises in Tower Hamlets also continued, with average prices increasing 4.4% (£19,181) from £438,770 to £457,951. A similar trend also played out in Camden, which by the end of the year jumped a hefty 6.8% (£55,229) from £807,570 to £862,799.
Lambeth also enjoyed a healthy increase, although at a lower rate compared to the likes of Hackney, Camden and Tower Hamlets. Prices at the end of 2018 stood at £512,696 and rose 1.7% across 2019 to finish at £521,270.
The rise in prices could reflect continued confidence in the London Property Market due to underlying factors such as affordability and employment, the latter which remains strong. Another potential reason for this is the renewed falls in mortgage interest rates.
Properties offering great value
Of course, prices are never likely to rise uniformly across London. Some areas did witness falls in property prices, whilst other remained stagnant. This means that some areas are currently providing great value, with prices likely to rise again once buyer confidence returns.
Good examples of this can be seen in boroughs such as Kensington Chelsea on the west side of the capital. Average prices in 2018 ended at £1,289,229 and across 2019 the borough saw an overall drop of 9.1% to £938,596, which equates to fall of £128,803.
A similar story can be seen in the nearby borough of Westminster, where prices fell by 6.9% last year. This pans out to be a decline of £67,580, with average prices standing at £914,776 by the close of 2019.
The City of London also falls into this category after average prices fell by a total of 7.1%. By the close of 2018 prices stood at £764,659. Come the end of 2019, prices had settled to a new level of £709,998.
All three of these boroughs are home to some of London’s most sought after properties, and investors and house hunters looking for prime London stock have the opportunity to secure some good deals.
Contributing factors to the price drops seen in some of London’s premium property boroughs could include Brexit continuations and a general election called in the last quarter. However, prices may change as we head deeper in 2020, which makes it more important for buyers and investors to make the most of the lower prices in these areas while they last.
If you’re looking for to secure a property in one of London’s best performing areas right now, then take a look at the many properties we have for sale in Canary Wharf.
If you’re looking for a property offering good value in one of London’s most desirable neighbourhoods, then check out the range of properties we have for sale in the City of London.