London’s real estate market has taken off this year, as you’ve probably already heard from the many, many news articles. When we take a look at where the largest increases in prices have been, you might be shocked to hear that while it was close to the North end of the city, the South end of London scored the highest increase. When comparing average prices from all of 2016 to so far in 2017, there has been an increase of 22% in housing prices, on average. In the North end of the city this number is around 21% and in the East, it’s around 16%.
While the South of London did see the largest increase in average prices for the year, the average price between all three areas still demonstrates quite a difference. In the North of London, the average price sits at $410,000 for the year to date, while the South sits at $341,000 and the East $253,000. There is another reason why prices have gone up in the South of London, and that reason is because of the new development occurring along Colonel Talbot Road where homes are selling on average around the $550,000 mark.
So now you’re wondering, well what is London’s hottest neighbourhoods so far this year? Well, let’s break it down into two categories, the highest price point and the highest number of sales year to date.