Benham and Reeves claim that London’s most up and coming neighbourhoods have seen price increases up to 64.5%.

House price increases of up to 64.5% in are driving a positive momentum shift for the capital’s struggling market.

Compared to the rest of the UK, London has seen a lack of growth. Over the past 12 month average Greater London house price has grown by 6.7%, while there has been a 12% increase across the UK as a whole.

London picks up momentum

In the neighbourhood of Churchill in Westminster Stucco villa properties and the pioneering Churchill Garden Estate have seen price increases of 64.5% (£392,250) in the past year to sit at a current average of £1m. 

The Wandsworth neighbourhood of Northcote has seen house prices up by 61.4% (£505,500) to an average of £1.3 million. 

The Wembley Central neighbourhood of Brent has seen prices rise by 51.4% (£190,000), while the average price in the Hammersmith & Fulham neighbourhood Parsons Green & Walham has increased by 51.3% (£610,000) over the past 12 months.

Director of Benham and Reeves, Marc von Grundherr, commented: “London has largely trailed the rest of the UK where recent house price performance is concerned, but while the capital’s property market may have been somewhat muted throughout the pandemic, it’s far from fallen out of favour.”

“At the same time, the diversity of the London market makes it a fascinating one as there’s no real London house price, with property values and performance differing drastically from one neighbourhood to the next, depending on where has and hasn’t fallen out of fashion.”

“As a result, there are many pockets of the London property market that have enjoyed some quite remarkable house price growth of late and they aren’t confined to any one corner of the capital.”