The increased political certainty offered by the Conservative General Election victory in December has been credited with giving London house prices a “Boris bounce”.
This morning the latest data from the Office for National Statistics (ONS) showed that UK house prices jumped 2.2 per cent on an annual basis in December, with London house prices climbing 2.3 per cent.
That is their fastest rise in 15 months – since September 2017 – and brought the average value for London house prices to £484,000.
Garrington Property Finders managing director Jonathan Hopper said: “Normal service has most definitely been resumed.”
He said: “London, for so long the fallen idol of the national property landscape, has powered back not just to growth, but to become the fourth best performing English region in 2019.”
However, a borough breakdown of London house price growth paints a mixed picture.
On balance, more expensive boroughs have suffered a drop in house prices between December 2018 and last year.
Homeowners in Kensington and Chelsea saw house prices drop 3.8 per cent on average, from £1.35m to £1.29m.
Houses in the City of London dropped 9.1 per cent while Camden house prices fell 9.8 per cent. The value of homes in Hammersmith and Fulham tumbled 4.6 per cent.
However, the City of Westminster bucked the trend to report a 2.1 per cent boost to house prices.
Other areas to report strong growth included outer boroughs such as Brent, with a jump of 5.9 per cent, Enfield, where houses prices climbed 3.6 per cent, and Hounslow, which saw a 4.4 per cent jump in prices.
David Westgate, group chief executive at Andrews Property Group, said the London housing market has “rediscovered its mojo”.
He said: “There’s a definite sense that the property market has turned a corner and is shaking off its post-EU Referendum anxieties.
“Sheer boredom with Brexit and the simple need to get on with their lives saw more and more people transact during 2019.
“While the London figure may have been skewed slightly by sales of extremely high value properties, the capital as a whole appears to have rediscovered its mojo.”
So how much has your London borough house price rise or fall after the General Election? Find out by checking out the ONS data in our table below:
London house prices in December 2019 by borough:
|London borough house price||December 2019||December 2018||Difference|
|Barking and Dagenham||£303,631||£300,835||0.9%|
|City of London||£738,263||£812,504||-9.1%|
|City of Westminster||£984,511||£964,309||2.1%|
|Hammersmith and Fulham||£699,566||£733,107||-4.6%|
|Kensington and Chelsea||£1,294,907||£1,345,598||-3.8%|
|Kingston upon Thames||£488,913||£485,688||0.7%|
|Richmond upon Thames||£647,672||£643,414||0.7%|