London house prices: only three boroughs saw asking prices rise in January

Only three London boroughs saw asking prices increase between December 2022 and January, although asking prices rose elsewhere in the country following a two-month slump, new

figures show. In the capital, average asking prices remained stagnant, rising just 0.2 per cent this month, with the average property valued at £667,600, according to the

latest Rightmove house price index. The only places in London where house prices increased this month were Tower Hamlets, Hammersmith and Camden. Tower Hamlets saw

the biggest rise in asking prices, at 1.1 per cent, still well below soaring inflation figures. This is equivalent to an increase of £6,562 on a property in the east London

borough, where homes are now priced £596,540 on average. House prices in Bromley did not change from December, while the 28 remaining boroughs saw the value of their

properties decline this month. This was most marked in Kensington & Chelsea, London’s most expensive borough, where asking prices fell by five per cent, or £81,015. In

the last month, top of the ladder London homes have risen most in value, gaining an extra £8,532, compared to the average first-time buyer property, which rose by £890, or 0.4 per

cent.A longer-term look at London London asking house prices have increased by 6.1 per cent (£40,723) over the past year, while there has been an annual increase of 6.3 per

cent (£22,834) across Britain. Since January 2022, all but two boroughs —Kensington and Chelsea and Lambeth— have seen an increase in property prices, although growth in 22

boroughs lags behind the national average.