The average property value in London is £676,292 according to property sale data for the year ending June 2021 published by HM Land Registry. Between the years ending June 2020 and June 2021, property values in London grew by £34,762. Compare house prices by area
Average property prices in London grew by 5.4% between the years ending June 2020 and June 2021. Between the years ending June 2011 and June 2021, property prices on average grew by 4.9% per year.
If prices in London continue to rise by 4.9% a year, the average property price will be £817,785 in 2025.
The most expensive property values in London are found in Inner London, and the cheapest property values are found in Outer London.
There were 85,775 property sales in London in the year ending June 2021, an increase of 10,749 when compared to the previous year.
The average price for a house in London ranges from £751,798 for a terraced house to £1,147,997 for a detached house, with semi-detached costing on average £709,878.
The average price for a flat or maisonette in London is £546,579.
Price trends for small areas may be less statistically significant due to small sample sizes.
Of the property types in London, terraced house prices have risen the most between the years ending 2011 and 2021, and detached house prices have grown the least.
Detached house prices have risen 44.0% from £797,232 to £1,147,997, semi-detached house prices have risen 60.1% from £443,341 to £709,878, terraced house prices have risen 61.5% from £465,435 to £751,798, and flat prices have risen 56.0% from £350,383 to £546,579.
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The most common type of property sold in London during the year ending June 2021 was flats, which accounted for 44.5% of properties.
The least commonly available type of property sold in London were detached houses, which account for 5.9% of properties sold.
Of the properties sold in London during 2021, 3.1% were new build properties.
The average price paid for a new build property in London was £52,433 lower than the average price paid for an existing property.
Of the new build properties sold, the most common type was flats (97% of new build properties sold). For existing properties, the most common type is flats (42% of existing properties sold).
The most common price band for property sales in London is £400k - £500k, which accounted for 14.1% of properties sold in 2021.
8.2% of properties in London had a price over £1 million. For comparison, in England, 2.1% of property sales were priced at over £1 million.
The cheapest properties in London were in the £50k - £100k price bracket, accounting for 0.1% of sales.
The cheapest property prices in London are found in Outer London, where the average cost of a property is £567,692. Between the years ending June 2020 and June 2021, property prices have changed by 11.2% in Outer London (compared to 5.4% in London)
The most expensive property values in London are found in Inner London, where the average property price is £858,263. Between the years ending June 2020 and June 2021, property prices have changed by 1.9% in Inner London (compared to 5.4% in London)
Source: Office for National Statistics licensed under the Open Government Licence v.3.0. Contains OS data © Crown copyright and database right 2021. Data sources: ONS Local statistics