House prices across vast areas of London experienced notable declines in 2024, with several prestigious boroughs witnessing substantial falls as buyers demonstrated reluctance towards the capital’s premium-priced properties.
Data from Halifax reveals that seven of the UK’s top 10 areas recording the largest price decreases were situated in London. Westminster properties saw a 3.5% reduction, bringing the average price to £731,000, whilst the Borough of Ealing registered the sharpest decline of nearly 5%, with average prices settling at £560,000.
Significant drops exceeding 3% were documented in multiple London boroughs, including Bromley, Kingston upon Thames, Enfield, Harrow, and Southwark. The capital’s affordability ratio stands at 8.22 times earnings, markedly higher than the national average of 6.55, suggesting a mounting affordability crisis.
Outside London, the Wirral witnessed a substantial 5% decrease, with average prices falling to £294,250. Huddersfield emerged as the location with the steepest decline, recording a 6.6% drop to £260,500.
Regional markets paint a contrasting picture, with Stoke-on-Trent leading the growth charts. The Staffordshire city recorded an impressive 17.2% increase, pushing average prices to £227,000. Slough demonstrated remarkable resilience as the sole South East representative among top performers, with prices climbing nearly 15% to £498,000.
Northern cities displayed robust growth, with Oldham, Bradford, Bolton, Barnsley, and Doncaster all experiencing price increases exceeding 10%. This trend suggests a significant shift in buyer preferences towards more affordable regional locations, despite the ongoing price appreciation in these areas.
Post Disclaimer
The following content has been published by Stockmark.IT. All information utilised in the creation of this communication has been gathered from publicly available sources that we consider reliable. Nevertheless, we cannot guarantee the accuracy or completeness of this communication.
This communication is intended solely for informational purposes and should not be construed as an offer, recommendation, solicitation, inducement, or invitation by or on behalf of the Company or any affiliates to engage in any investment activities. The opinions and views expressed by the authors are their own and do not necessarily reflect those of the Company, its affiliates, or any other third party.
The services and products mentioned in this communication may not be suitable for all recipients, by continuing to read this website and its content you agree to the terms of this disclaimer.