It’s no secret that London house prices are extortionate, Evening Standards Homes and Property have reported on the areas in London where house prices have risen the most over the past 10 years.
In the past eventful decade, London has continued to reinvent itself, as new transport links and regeneration programmes have created entire neighbourhoods that didn’t exist 10 years ago.
A decade ago this month, Northern Rock teetered on the brink of collapse after investors withdrew more than £1billion from the building society in one day in September 2007.
The next 10 years have been shaped by the effects of the global financial crisis that followed, which has had far reaching effects on the London housing market. Interest rates have remained low, the Bank of Mum and Dad has become a major player in lending and home buyers are trading up the housing ladder far less frequently, according to research by Savills.
“One of the key features of the housing market over the past 10 years is the extent to which London has become dislocated from the rest of the UK, showing much higher house price growth in the period after the credit crunch,” says Lucian Cook, head of residential research at Savills.
House price growth across Greater London rocketed during the last 10 years, with prices in every borough up by more than 60 per cent since 2007.
The average price of a London home in 2007 was £292,000; 10 years later this stands at £478,000, an increase of 78 per cent.
In contrast, prices across the UK are 11 per cent below their 2007 level, on an inflation-adjusted basis, according to recent figures from Nationwide.
Average price growth 2007-2017: 124.3%
The Dalston Lane Terrace development is home to 24 apartments of varying sizes close to both Dalston Overground stations. The flats have between one and four bedrooms with prices ranging from £615,000 to £900,000.
Average price growth 2007-2017: 99.5%
New warehouse-style flats in Islington’s former sorting office from £715,000 in a complex which will include a gym, cinema and two shopping arcades.
Average price growth 2007-2017: 98.8%
Buyers are flocking to Lewisham areas from Brockley to Catford, bringing a remarkable transformation to the borough in the past decade.
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