The average home prices in London have skyrocketed in the past decade, and prices show now signs of slowing down any time soon, according to real estate expert Nick Millican. The price of the average home in almost every borough in London has doubled in the last 14 years since the last market slump in 2009.
Sadly, not everyone’s paycheck has kept up with the increase in housing costs, which means many more people are currently forced to rent than ever before. Yet, Nick Millican adds, others find themselves not even being able to afford rent.
Some boroughs have still experienced sharper increases in rent than others. For example, Waltham Forest has increased 156% since the last downturn in the economy in 2009. As Nick Millican informs, the average north London home is valued at an average of 501,675 pounds as of August 2023. He adds that Walthamstow also shows that it is becoming more competitive with other markets in the London boroughs in recent years.
That whole area has seen home prices increase the most of any London borough since 2021. Many buyers who are looking for more space are having to travel as far as the boroughs of Hackney and Islington to find homes that are in their price ranges and that are deemed more “affordable”. As Nick Millican keeps on stating, the further out you go in the London boroughs, the more affordable housing becomes.
The closer you want to to the big city of London, the more you will pay for housing. The financial district is still one of the most expensive areas to live where the average home is worth more than 889,000 pounds, and there are only a small sampling of homes that are even on the market in that district at this time as the market continues to flourish and people continue to buy homes. This, Nick Millican finally states, despite the inflationary periods we have recently experienced.