Owning a home is every Londoner’s far-fetched dream.
Any property in Greater London does not come cheap, and it can take forever to save a deposit for even a one-bedroom flat.
If you’re on the hunt for your dream home, you know how demoralising it can be to trawl through websites and estate agents in search of anything decent.
READ MORE: London property: The East London borough with the lowest house prices in the capital
It’s easy to see why so many Londoners move out of the city altogether.
Now, new research has shown that house prices have soared in the last year due to the impact of the pandemic and stamp duty cuts, which have led to increased asking prices.
The London property market can be daunting
(Image: PA)
Overall in London, the average home cost £510,299 in June of this year.
That’s 6.3% higher than the previous year, when the average cost for a home was £479,969 according to figures from the Office for National Statistics.
But London’s 6.3% increase in house prices was surprisingly the lowest in the UK.
While the majority of London boroughs saw increases in average house prices, several saw a percentage decrease including the City of London (-13.2%), City of Westminster (-7.9%), Kensington and Chelsea (-4.8%), Southwark (-1.7%), and Hackney (-1.6%).
However, some London boroughs saw massive increases in prices – here’s where to look out for!
Harrow
Harrow saw a massive 16.7% increase in average house prices in 2021.
A home will cost you an average of £522,143 in the borough, up from £447,250 in 2020.
The north-west borough has become hugely popular in recent years thanks to its excellent transport links to the city, and great schools and homes for families.
Bromley
Bromley homes have increased in price by upwards of 14% from last year
The average house in Bromley will cost you £486,648, up more than £60,000 from 2020 prices.
This is an increase of 14.4%.
The average cost of a house in the borough was £425,411 in 2020.
Bromley is definitely one of the best places to live in London and has got everything on offer – plentiful green spaces, easy commutes, and all the shops and restaurants you could ever want.
The town has recently undergone a whole new makeover, and on top of that, Mayor of London Sadiq Khan has said he is “committed” to extending the Bakerloo line into Bromley.
We can see why more and more Londoners are flocking to buy houses there!
Enfield
Enfield saw a significant increase in the average cost of homes – 11.5% since 2020.
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The average price of a house in the borough now is £432,250, in comparison to £387,522 last year.
The large north London town has always been a favourite for Londoners wanting to move to a quieter patch of the city.
And its commuting links are second to none.
Hounslow
The average cost of a home in Hounslow is now £438,225, up from £397,512 in 2020.
That’s an increase of a whopping 10.2%.
The west London suburb is close to Heathrow airport for last-minute getaways, as well as having good links to the rest of the city and a bustling town centre filled with character.
Redbridge
Redbridge’s house prices rose by 9.3% between 2020 and 2021.
The average house cost £452,547 in 2021, up from £413,988 in 2020.
The East London town has become a hugely popular area to purchase property in recent years and we can see why.
According to a 2016 survey by the Office of National Statistics, Redbridge residents said they were the most satisfied with life – higher than any other London borough.
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